FG Opens First Gemstone Market in Oyo

The Federal Government of Nigeria (FGN) opened an international gemstone market in Ojoo, Akinyele Local Government Area, Ibadan, the Oyo State capital, on Thursday.

The bazaar, Nigeria’s first of its type, is anticipated to strengthen the country’s gemstone mining industry and open up new prospects for local artists and dealers.

The project is part of the Federal Government’s goal to foster national economic recovery, encourage international investment to the Southwest, and enhance Oyo State’s economy.

Minister of Mines and Steel Development Olamilekan Adegbite remarked at the inaugural event that the gemstone market would give a platform for buyers and sellers to engage, negotiate prices, and share knowledge about quality, provenance, and processing.

He argues that the market’s training and capacity-building programs will help local artists and traders enhance the quality of their products and raise their ability to compete in the international 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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