The Senate Wednesday passed for second reading, a bill for an act to make provision for Nigeria’s Gold Reserve Industry.
The bill sponsored by Senator Natasha Akpoti – Uduaghan ( PDP Kogi Central) , seeks for a robust framework for the harnessing , exploitation and marketing of gold which is about 600, 000 tonnes in reserves in the country worth $45billion.
Senator Natasha in her lead debate on the bill said the proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector, that can attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.
She stated that the bill seeks to establish the Nigeria Gold Authority ( NGA) that will be charged among other things, with the administration of Nigerian Mining Act with regards to gold resources.
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Senators who contributed to debate on the bill, supported it as required legislation that would unlock the full value of Nigeria’s Gold Reserve for the benefit of all Nigerians .
Senator Solomon Olamilekan Adeola ( APC Ogun West) in particular , said the bill when passed into law, would shore up the value of Naira which according to him, could appreciate tremendously without foreign investment .
(Editor : Ena Agbanoma)
