Illegal gold mining rips Nigeria off forex revenue

After crude oil rose to about $35 per barrel, Nigeria has chances of making use of other Solid Minerals which could lead to a, diversification of the economy on ensuring that It gains from foreign exchange as gold currently trades at 1,683.65 per bounce.

Having seen that the Covid-19 impact is leading to a continues decress in the rate of oil demand from Countries like Nigeria, it has forced countries to resort to other revenue sources containing oil prices.

Being the African Giant and having a very good Resource background, Nigeria can harness the utilization of its Solid Minerals to save the Economy of the country from an impending economic disaster.

The Generated data from the Ministry of Solid Minerals and Development shows that the Availability of God in Nigeria exists in states including Abuja, Abia, Bauchi, Cross River, Edo, Niger, Sokoto, Kebbi, Oyo, Kogi, Zamfara, Osun and Kaduna states.

Discoveries from Experts on Mineral Exploitation shows that if The Solid Minerals be conserved, and Exploited Properly, it could generate a lot of income than even the mining of oil and gas.

In this part of the world there has been cases of illegal gold mining which has continued to constitute threat as Unofficial figures from most open source websites such as the U.S. Geological Survey estimate that some 18,000kg of gold valued at nearly $1billion was smuggled out of Nigeria between 2018 and 2019.

Taking for instance in Osun state Nigeria, the Deputy Chief of Staff to the Osun State Governor, Abdullahi Binuyo expressed his concerns on the Act of Illegal miners as no nation would fold its arms and Watch unauthorized persons mine it’s Source of revenue and development.

He also established the fact that these miners have not only illegally mined the solid minerals but polluted the Osun state river with Poisonous Metals thereby making the river unsafe for human consumption and Agricultural services which includes irrigation. He added that those caught would be made to face due punishment and futher asked to pay for compensation.

He added that the State Government are doing their best to disrupt illegal Mining practices and added in quotes that they would be relentless in ensuring due mining processes he said “We will be relentless in this campaign until we rid the land of these miscreants to prevent another Niger Delta experience in Osun.”.

Mr Binuyu when asked if the Federal Government of Nigeria could rely on the Osun state Gold for increase in economic development, he said that “rely” might not be the appropriate word as Osun’s Solid Minerals Development Programme has interventions designed for Osun indigenes to add value at each stage in the gold value chain.