The Federal Government has identified gemstones as a natural resource that may strengthen the economy of Oyo State, the Southwest region, and Nigeria by increasing internally generated revenue (IGR), indicating its willingness to use the resource for the benefit of all.
The Minister of Mines and Steel Development, Olamilekan Adegbite, announced this yesterday during the official commissioning of the market in Ojoo, Akinyele, Local Government Area, and Adan, Oyo State.
According to him, the choice of Ibadan as a location for the worldwide Gemstone Market is based on the region’s rich gemstone reserves, and he adds that a vibrant informal gemstone market has developed in Ibadan, the state capital, over the years.
Adegbite added that the project is part of the Federal Government’s initiative to help the country’s economy revive.
The minister emphasized that the Gemstone Market will not only benefit the economy of Oyo State but will also stimulate foreign investment in the South West region, expressing hope that the market will create jobs.
20,000 employment in the South-Western zone along the gemstone mining value chain.
