The Federal Ministry of Solid Minerals Development has clarified that the gold refinery recently established in Lagos is not owned by the Federal Government, but by a private company.
In a statement issued on Sunday in Abuja, the ministry’s spokesperson, Segun Tomori, explained that the Minister of Solid Minerals Development, Dr Dele Alake, never claimed that the federal government built or owns a gold refinery in Lagos or any other part of the country.
Tomori said the minister was explicit during his announcement that the refinery is privately owned, adding that several other gold refineries currently being planned nationwide are also initiatives of private investors.
According to the statement, the Lagos refinery was developed by Kian Smith, a wholly private mining company, as part of efforts to strengthen Nigeria’s domestic gold industry through modern and innovative practices.
The ministry further noted that the federal government does not dictate where private companies must establish their operations, as each business determines its location based on operational and commercial considerations.
Commending Nere Emiko, the founder and managing director of Kian Smith, the ministry described the refinery as a practical outcome of the government’s value-addition policy, which seeks to curb the export of raw minerals while encouraging local processing and manufacturing.
The statement said the policy has already attracted significant foreign investment and job creation, citing major projects such as the $600 million lithium processing plant in Nasarawa, a $400 million rare-earth minerals facility in the same state, and the $200 million ASBA lithium plant in Abuja.
It added that the Lagos gold refinery and similar projects demonstrate the positive impact of ongoing reforms in the solid minerals sector.
The ministry reaffirmed its commitment to supporting more mining firms to establish processing and manufacturing plants across Nigeria, while urging the Nigeria Economic Forum (NEF) to support President Bola Ahmed Tinubu’s agenda of building a resilient and self-sustaining economy.
(NAN)
