Nigerian Government Bans Export Of Raw Gold

The Federal Government has banned the export of raw gold, gemstones and other solid minerals, Mines and Steel Development Minister, Mr. Olamilekan Adegbite, said yesterday.

The ban, according to the minister, followed the recently approved ‘Down Stream Mineral Policy,’ by the government.

Adegbite, who spoke while featuring in a News Agency of Nigeria (NAN) Forum at Abuja, explained that the policy would help avert the country’s mistakes in the oil and gas sector.

According to him, an enabling environment had been created for stakeholders in the mines and steel sector to add value to mineral deposits before exporting.

He said: “If you mine and you cannot process it yourself, you can sell it off to processors in Nigeria. These processors would either buy it off you totally or process and resell or they can process and return it to you. That is the policy in Nigeria now because we do not want to lose jobs or wealth to other countries.”

The minister said he noticed on assumption of office in 2019 that the mining sector was beginning to make the mistakes of the oil and gas sector.