For a Safer Earth, Healthier Climate

Mines Minister Commissions Kano Gold Souk

By Ruth Tene Natsa, Abuja

The Minister of Mines and Steel Development Arc. Olamilekan Adegbite has established the International Gold Souk Trading Centre in Kano to harness the benefits of the abundance of gold in the country

Adegbite who was represented by the Permanent Secretary to the Ministry, Dr. Oluwatoyin Akinlade, disclosed that the commissioning was in furtherance of achieving its mandate in diversifying and growing the economy, providing jobs for the teeming youths and growing the Gross Domestic Product (GDP),

Speaking at the Commissioning on Thursday 24th May 2023 in Kano, the Minister said “The establishment of the Gold Souk in Kano, was one of the clusters established in each geopolitical Zone of the country according to the mineral or downstream prospects in the areas to strengthen the downstream value chain of some specific solid minerals.

He stated that the choice of the project for Kano and the North-west is obvious as the status of Kano as a hub for the famous trans-Saharan gold trade route is indisputable, noting that a huge percentage of unaccounted gold trade has made it imperative to address the challenge of the such huge loss of revenue by providing the necessary facilities that will formalize the trade and bring greater benefits to the people and the nation.

Furthermore, the Minster revealed that the edifice was designed with all necessary facilities to provide users with quality services that will enhance the global best practice experience. In his words, “This project is expected to help genuine operators and their clients to transact their businesses smoothly, in a befitting environment, under government supervision, protection, and support and to discourage illegal gold trade”.

While noting that it is expected that legitimate gold trading transactions in Kano and its environs will occur seamlessly within the platform and will attract reputable International inflow with many ancillary businesses that will boost the nation’s economy, create jobs and bring prosperity to Nigeria, the Minister called on the miners, refiners, the marketers, relevant State Government authorities,  the Nigerian Customs Service, Security services, the facility managers as well as the community to work with the Ministry at all times to ensure the Sustainace of the facility.

In his remarks, the Governor of Kano state, Abdullahi Umar Ganduje , OFR who was represented by the Senior Special Adviser to the Executive Governor on Solid Minerals, Suleiman Ahmed, noted that the facility would ameliorate poverty not only in Kano but the Northeast adding that it will create jobs for the youths and reduce crime. He appreciated the Ministry for choosing to site the project in Kano.

In her remarks, the Permanent Secretary, Dr. Oluwatoyin Akinlade, who was represented by the Director Artisanal and Small-Scale Mining, Yunusa Mohammed, disclosed that the establishment of the Kano Gold International Trading Centre will put an end to years of artisanal and small-scale mining (ASM) operators’ engagement in informal mining and trading of unprocessed gold which has led to the underutilization of the huge potential in the gold mining subsector.

Dr. Akinlade noted that the establishment of the Gold souk in Kano State will stimulate additional economic activities which will lead to the creation of more jobs along the gold mining value chain in the Northwest Zone and improve revenue generation for operators in the sector and government, stating that the Gold Souk is positioned to attract global investors and businesses to Kano city and environs.

Enumerating that the gold souk is designed with facilities to beneficiate; test; certify; document, and effect necessary payments for royalties and processes required to support international transactions;  state-of-the-art gold processing equipment; administrative block; training section; offices; stable power supply; ICT facilities among others, she stated that the gold souk will improve data gathering, curb smuggling and enhance formalization of ASM to stem illegal activities in the sector.

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