Nigeria Debate Bill On Gold Standard Monetary Policy to Bolster Naira Value, Boost Economy


Legislators Debate Naira Reinforcement Through Gold and Commodity Reserves

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Amidst economic news of a proposed gold-backed currency and calls for stringent regulations, Northern senators have chosen to remain conspicuously silent as alarms over illegal gold mining activities in the region grow louder. Notable figure Osole has brought this issue to the forefront, highlighting the dire consequences of these illicit operations during a recent address.

“Naija247news correspondent, speaking on behalf of concerned citizens, highlighted the severity of the situation, urging immediate action from policymakers,” Osole stated, expressing frustration over the lack of response from Northern senators, whose constituencies are significantly impacted by these activities.

During President Buhari’s tenure, reports surfaced of private jets transporting illegally mined gold to Dubai, fueling enormous profits and exacerbating insecurity in the north. Despite the severity of these issues, Osole notes the silence of politicians benefiting from these activities, driving the urgent need for regulatory reform.

Osole and other concerned citizens have been vocal about the necessity for stringent regulations, citing the lack of oversight in gold mining as a major contributor to Nigeria’s insecurity. Advocates emphasize the urgency for comprehensive legislation, citing examples from regions like Zamfara where illegal mining has led to violence and instability.

Supporters of regulation argue that a well-structured gold industry could significantly boost Nigeria’s revenue and diversify its economy. The ongoing Senate debate on a new bill to regulate gold mining underscores these concerns, aiming to create a legal framework to manage reserves, improve currency value, and provide a hedge against inflation.

In the face of mounting criticism, the call for immediate and robust regulatory measures to address illegal mining grows stronger, emphasizing the need to safeguard national resources and enhance Nigeria’s economic stability.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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