Nigerians will soon use their gold as collateral for loans – Minister – Nairametrics

Banks will soon allow Nigerians, especially small and medium business owners, to use their gold jewelry as collateral for loan facilities.

This was revealed on Sunday by the Minister of Mines and Steel Development, Olamilekan Adegbite.

Adegbite explained that his ministry decided to revive the industry and at the same time create opportunities for Nigerians, especially SMEs, to raise funds for their businesses.

He said, “We are talking with some financial institutions to create products to accept Nigerians’ gold jewelry and give them credit that matches the value of the commodity.”

READ: How Nigeria Discovered Gold Along the Abuja-Nassarawa Axis – Minister

How it works

The minister explained that all interested Nigerians need to do is go to the bank, deposit the gold in its safe and pick up a certificate to that effect.

According to him, the certificate can be used to obtain a loan either from the same bank where the jewelry was deposited or from another financial institution. When the bank has been reimbursed, the individual gets his certificate / gold.

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