Gold prices have not only rebounded in the international market amid global recession that has made investors wary of currencies, but also have for decades defied predictions of free fall like oil and other commodity prices.
The country’s first gold refining licence was issued in 2018 to local firm Kian Smith Trade & Co., which expects to begin operations this year, having failed to start last year. However, experts said that the government has little or no business in creating a refinery, and called for private sector intervention.
“Besides, Gold refinery is not just like gold smiting where you just melt and join, there are standards and certification globally, if not it will not be respected. So, it’s an organised sector, and I think that is the way it is being handled now.” Okunlola expressed optimism that if the government could support and encourage the private sector, such ventures would boost the economy and place Nigeria on the path of development.
“Nationalisation cannot help us; we must encourage private investment. With all the corruption that we are seeing all over, nationalisation will not help the system, let’s have less-government. If a private sector man puts his money into this, he will want to see it through, but sometimes the government’s business is nobody’s business.