The International Gemstone Market in Ibadan will create employment and wealth for the country, says the minister of mines and steel development, Olamilekan Adegbite.

Ms Adegbite disclosed this while inaugurating the market located at Ojoo in Ibadan.

He said the market project aligned with President Muhammadu Buhari’s resolve to diversify the country’s economy with a focus on mining and agriculture.

According to him, to that effect, the mining ministry has designed six strategic artisanal and small-scale mining (ASM) cluster projects in the six geopolitical zones.

He explained that the idea was to spur job creation and capacity development of gemstone mining operators in Oyo and its environs under the federal government’s Economic Growth and Sustainability Plan.

“This project was also designed to curb the smuggling of gemstones and other minerals, as well as the development of the capacities of the teeming youths. This will enable the youth to actively participate in the downstream gemstone and gold value chain,” Mr Adegbite said.

He added that Ibadan was chosen as the location of the gemstone market for its rich deposits of gemstones.

The minister revealed that the informal market gave credence to the poorly regulated trading of mostly unprocessed gemstones, leading to capital flights and job loss.

Mr Adegbite added that the ASM cluster international gemstone in Ibadan would serve the South-West zone to leverage the long-standing trading experience in the area.

According to him, the market, which the ministry will manage, will be sustained beyond this administration.

He commended the state government for donating the land on which the market was built.

“These projects will create an enabling environment to support the mining industry through the formalisation of the ASM sub-sector and engender the development of the mining sector. This is because over 90 per cent of mining activities in the country are ASM-driven,” stated the minister.

(NAN)