Heritage Bank, Dukia Gold to Boost Nigeria’s N300trn Gold Industry
In an effort to create new opportunities and boost Nigeria’s N300 trillion gold industry, Dukia Gold, yesterday got approval from the Lagos Commodities and Futures Exchange (LCFE) to trade its exchange traded notes on its platform.
Speaking to newsmen in Lagos yesterday at a media parley, the Chairman, Dukia Gold, Tunde Fagbemi, commended the Federal Government, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the LCFE for approving the laudable initiative and asset class into the Nigerian investment portfolio.
He noted that the crude oil and cocoa market would have had a better outing if there were strategies put in place to regulate them right from inception adding that the Federal Government, LCFE together with other regulators are thinking of ways to develop the Nigerian economy.
According to him, the listing would enhance a regulated market that would see precious metals and other commodities take centre stage in the endeavour to ensure irreversible economic growth and development in alliance with a modernised Exchange for commodities trading in Nigeria.
“Dukia Gold will present to investors alternate asset classes and there is a need to look for investors to tap into other asset classes which are definitely gold and this will help the country hedge against inflation and give fungibility.
“We know we are start-ups,
but we have assembled a team of professionals that will add value and since we are seeking to grow the mining industry’s contribution to 10 per cent GDP by 2026, there is a clear opportunity for us to expand and increase demand in the industry depending on market’s forces”, he said.
This move would enable Nigeria to mine reserves properly, trade responsibly, refine locally, boost the nation’s foreign reserves and fast-track 10 per cent contribution of the mining sector to GDP.