Before the news, here are some uses of gold in the world today: (1) About 78% of gold consumed each year is made into jewelry. Jewelry is the most common way gold reaches consumers, and has been a primary use for the metal in various cultures. (2) Because gold is so rare and highly valued, this precious metal makes a natural currency, and has for at least 6,000 years. The U.S. used to hold all its monetary currency to a gold standard. (3). Gold is a highly efficient conductor that is able to carry tiny electrical charges, and because of this property a small amount is found in almost all electronic devices, including cell phones, televisions, GPS units and more. (5). Gold makes for the best fillings, crowns, bridges and orthodontic appliances because the metal is chemically inert, easy to insert and nonallergenic. (6).
The Governor, Sen. Abubakar Atiku Bagudu in a meeting with SMDF led by Hajia Fatima Shinkafi and Columbia University on March 21 in Abuja stated that his administration is supporting a pilot programme to organise & support miners to give them better technology and an available market. The pilot programmes approved by President Buhari will commence in Kebbi & Osun States.
The Columbia University School of International and Public Affairs Team will aid the SMDF in fulfilling its objectives by developing a report that analyzes the challenges preventing formalization of Artisanal & Small Scale Mining (ASM) in Nigeria and suggests ways for the SMDF to incentivize formalization through a strategic use of its capital resources.
A world bank report puts the outflow of illegally mined gold leaving Nigeria at $500m a year. This represents a huge revenue loss for both State and Federal governments in addition to environmental degradation to farming communities and pollution of waterways for people and livestock.
Special focus will be placed on how the SMDF can work with other institutions in accordance with section 34 of the 2007 Nigerian Minerals and Mining Act to register formalize operators and how the SMDF can leverage its financial capital to provide funding and/or services to support the ASM value chain.
Governor Bagudu reiterated his administrations continued focus on creating jobs and support for the diversification of the economy which is a priority of the Buhari administration. It can be recalled that the Governor is an alumnus of Columbia University where he obtained his M.A in International Affairs.
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