Kian Smith Trade & Co. Limited, a gold exploration, mining and processing company has pledged to enhance gold value-chain in Nigeria with the launch of ‘Kano Gold Durbar’
This is as the company also restated it’s commitment to support the federal government’s gold drive citing, noting that gold is poised to become a major income earner for Nigeria.
Speaking during the formal launch of ‘Kano Gold Durbar,’ held at Ado Bayero Mall in the state capital which was organised by Kian Smith Trade & Co. Limited and other stakeholders, Nere Teriba, the managing Director of Kain Smith, noted that gold metal which has peaked globally should be closely supported by enhancing the processing and value chain.
Teriba said: “The world is capitalising on gold and we are loosing and so those of us in this market decided that it was time to stop loosing.”
READ ALSO; Gold rebounds from biggest daily tumble in 7 years
“Gold hitting $2000 per ounce is a legendary benchmark and now we are there and have passed it. It is so significant for us as a region that has gold to enhance the sector. Everyone now is going gold even with digital currencies and we as a major stakeholder in the gold sector had to get in on that.”
Olamilekan Adegbite, the Minister of Mines and Steel development who also spoke at the event said that the federal government is committed at supporting Gold and precious metals stakeholders to boost activities around its value chain.
Adegbite commended the organisers and added that the ‘Kano Gold Durbar’ is a step in the right direction in showcasing Nigeria’s potential in gold craftsmanship.
He said: “What we are doing here today is actually to convert gold in its raw form into derivatives that is jewelries, trinkets ornaments and more and that is why we are in Kano.”
On practical ways the government would support, he said: “Also, the government is training people in the art of making jewelries. It is a 9-month a program and we are in the process of selecting people that we would train and who would now form trainers to others in Nigeria.”
“We are trying to create a gold ecosystem that would transcend beyond the bullion to trading in jewelry and more and I think we are in the right direction.”
He further added: “Oil and gas has dominated the economy, and a lot of people do not talk about other assets that Nigeria has. This market has operated below the radar and what the government is doing now is to give recognition to these people, enhance their productivity and at the same time, they pay what is due to government.
Also, at the event, the Kano state government was presented with a gold bar that was mined processed and crafted by Kian Smith firm.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
