Nigeria loses N779m daily to illegal exportation of gold

Minister of Solid Minerals Development, Dr. Kayode Fayemi, has revealed that about 100 kilogrammes of gold is exported outside Nigeria every single day, without records being made.

Based on the present gold price, a kilogramme can be sold for as high as $39, 149 and with the present exchange rate of N199 to a dollar, 100 kilograms of gold amounts to N779, 201, 600.

In essence, the federal government loses N779, 201, 600 on a daily basis to illegal exportation of gold.

Speaking on Friday, during a lecture given at the National Defence College, Abuja, the Minister lamented the loss incurred by Nigeria, to illegal mining activities being carried out by some citizens aided by some foreigners.

“Many of them do not recognise these minerals. So, in most cases they do not know the value of what the person is taking out illegally. So, we are partnering with security agencies, the Customs, Immigration, Police and Civil Defence to assist us.”

“Once we get the regulatory framework right and create conducive environment for investment to thrive, we shall witness huge investment in the sector, create wealth and employment opportunities.”

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