Federal Government of Nigeria (FGN), Thursday, launched an international gemstone market, in Ojoo, Akinyele Local Government Area, Ibadan, the Oyo State capital.
The market, which is the first of its kind in Nigeria, is expected to boost the country’s gemstone mining industry and create new opportunities for local artisans and traders.
The project is a component of the FGN’s plan to promote national economic recovery, attract foreign investment to the Southwest, and strengthen the economy of Oyo State.
During his analysis of the gemstone market’s significance at the inauguration event, Minister of Mines and Steel Development Olamilekan Adegbite stated that it would provide a venue for buyers and sellers to interact, negotiate prices, and share knowledge about quality, origin, and processing.
He claims that to improve the quality of their products and increase their ability to compete in the international market, local artisans and traders will benefit from training and capacity-building initiatives offered by the market.
He said the project curb the smuggling of gemstones and other minerals, as well as the development of the capacities of the youths to actively participate in the downstream gemstone and gold value chain.
“Some of the notable envisaged outcomes from the International Gemstone Market includes but are not limited to the following: Creation of over 20,000 jobs along the gemstone mining value chain in South-Western Zone cluster,” Adegbite disclosed.
Stakeholders in the industry welcomed the development and promised to join hands with the government to ensure the sustainability of the sector to achieve global prominence.
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