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FG opens the first international gemstone market in Ibadan.

Marian RomainebyMarian Romaine
May 4, 2023
in News
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FG opens the first international gemstone market in Ibadan.
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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.

Tags: and Nigeria by increasing internally generated revenueconomy of Oyo Statefederal governmentMinister of Mines and Steel DevelopmentOlamilekan Adegbitethe Southwest region
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

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