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Nigeria Ignores her multi-billion Naira gemstone deposits

Gemstone business is a big income generator and Nigeria should be making good money from it. But it is not.

 Nigeria is endowed with abundance of precious and semi-precious stones that can fetch billions of dollars on the world market. Gemstones like sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst, zircon and others are available in large quantities. Paraiba tourmalines found in Oyo state, for instance, could go for as much as $5,000 per carat, say experts.

NIGERIAN MINERALS AND MINING ACT

 

NIGERIAN MINERALS AND MINING ACT

EXPLANATORY MEMORANDUM

This Act repeals the Minerals and Mining Act, No. 34 of 1999 and re-enacts the Nigerian Minerals and Mining Act 2007 for the purposes of regulating all aspects of the exploration and exploitation of solid minerals in Nigeria; and for related purposes. 

Download Full Copy Here

 
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