Kian Smith has been issued Nigeria’s first gold refining license, marking a pivotal step in the country’s formal gold value chain. Announced at the Nigerian Economic Summit in October 2018, the license enables compliant refining to international standards and supports the Federal Gold Reserve Scheme’s plan to purchase gold from local refineries.
The Minister of Budget and National Planning, Senator Udo Udoma, confirmed the issuance during a briefing on outcomes from the Economic Recovery and Growth Plan (ERGP) Focus Labs. The labs accelerated the National Gold Development Policy and established a pathway for the Central Bank of Nigeria to procure domestically refined gold, subject to London Bullion Market Association (LBMA) benchmarks.
What this means
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Formalization and traceability: Licensed refining is central to traceable, conflict-free gold supply and aligns Nigeria’s bullion production with global standards.
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Market access: Compliance with LBMA-type requirements improves the prospects for institutional offtake and export competitiveness.
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Policy integration: The license operates within the National Gold Development Policy and the Federal Gold Reserve Scheme, linking private refining capacity to public reserve-building.
The government has also signaled broader licensing in the sector to deepen capacity. Recent official announcements and national reports mention the licensing of two refineries, highlighting a government effort to improve local processing and create a reliable market system.
Kian Smith welcomes the license as a foundation for technical excellence, transparent sourcing, and value addition in Nigeria’s gold ecosystem.