Efforts to diversify its economy has seen Nigeria produce its first locally made gold bar signifying the beginning of the country’s move to use the precious metal to boost its foreign reserves. Improved gold mining operations in the country has generated no fewer than 250,000 jobs and over U.S.$500 million annually in royalties and taxes to government coffers.
The Minister of Mines and Steel Development said a gold ecosystem will be created to minimize the high rate of illegal gold mining and smuggling. The need to diversify the economy has become more serious as oil prices have dropped worldwide during the Covid-19 pandemic.