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Minister of Mines and Steel Development Arc Olamilekan Adegbite
Business Mining News

Nigeria to Become Gold Jewelry Destination — Adegbite Reveals

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Minister of Mines and Steel Development, MMSD, Olamilekan Adegbite has revealed that Nigeria will soon become a gold jewelry-making destination.

Mr Adegbite made this known on Friday in Abuja while conducting graduation ceremony for 21 selected youths trained on jewelry making.

According to him, Federal Government is making effort to make sure value is added to raw gold mined locally to attract foreigners and make Nigeria gold jewelry destination.

He said that the training as first of its kind was organised to strengthen the local production of jewelry, create jobs, increase livelihood standards and the creativity of Nigerians.

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He stressed that the training they acquired would also serve as import substitution as Nigeria is a large consumer of jewelry products from the United Arab Emirates, India, China and Europe.

He noted that gemstone and jewelry industry in the country remains underdeveloped, as gems are mined by artisanal operators and sold as rough stones in Germany, Indonesia, Sri Lanka and the United States.

Adegbite noted that value addition to Nigerian gold and gemstone was critical to the diversification of the current government, as it moves away from over-dependence on oil.

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“We discovered that our gold is leaving Nigeria shore on a daily basis in raw form to other countries and after the gold is converted to jewelry the price will become so high that common man cannot afford it.

“We are going to retain our raw gold and add value to it and sell to our people.

“We are currently building Gold Souk in Kano and Gemstone in Ibadan where our raw gold will be converted to jewelries and we can also export them.

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“We have trained 21 youths as first set selected across the country to also train others in jewelry making and they will be empowered with starter packs,’’ he said.

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