The Permanent Secretary of the Federal Ministry of Mines and Steel Development, Dr Oluwatoyin Akinlade, has revealed that the Kano Gold Souk will not only draw international attention to Nigeria’s gold potential, but will also serve as a platform to showcase the country’s jewelry market.
The Permanent Secretary made the announcement in Kano on Wednesday during a one-day stakeholder engagement workshop on the establishment of a downstream international gold souk.
Dr. Akinlade stated that the construction of the Gold Souk is a win-win situation for both stakeholders and the government, as it will assist bring indigenously produced gold to the forefront while also bolstering government revenue.
He also mentioned that a major chunk of Nigeria’s mineral production comes from artisanal and small-scale miners.
The Director revealed that despite the Ministry’s efforts in ensuring that regulations and mechanisms are put in place to develop the ASM subsector in the country, the sector is still largely informal, with most operators engaging in illegal mining, smuggling of minerals, and generally causing social conflicts in host communities.