Nere Teriba: Building Nigeria’s First Gold Refinery

Nere Teriba is the Managing Director and Vice Chairman of Kain Smith Trade & Co. Ltd, founded in 2012.

In 2019, and at just 36 years of age, Nere Teriba became the first and youngest Nigerian to refine gold locally.

She runs a multimillion-dollar minerals commodities and mineral services company, which has grown tremendously over seven years. The refinery is projected to provide more than 500,000 jobs in two years as it continues to support its suppliers in their bid to become registered business entities in the mining sector.

The refinery will also supply the Central Bank of Nigeria, the jewelry industry as well as the electronics sector.

Nere Teriba was invited to join the Economic Recovery and Growth Plan (EGRP) focus labs where she prepared a proposal highlighting the need for a gold policy and framework for anyone willing to apply for one.

She noted points like the establishment of a Nierian Gold Council which will be in charge of the country’s Gold Policy. This would help drive innovation, stimulate the economy and generate income for the government coffers.  

Read excerpts from the proposal here:

“Nigeria can become a gold economy irrespective of whether it mines gold or not. India, UAE, Singapore, Italy, Switzerland, Turkey and London are renowned world gold markets without the classification of gold mining countries’ She explained

“The issue is not that there is no regulation, it is just that they are not enforced. The thing is, there has been a huge gap, we have abandoned the sector, went for oil and the people took up the vacuum. One of the major reasons why several small-scale miners are not formalized is because of royalty payments, but we have found a way around this. One of the incentives we want to give our suppliers is paying royalties on their behalf” explains Nere, who has well-crafted plans on how to help the government solve some of the major challenges faced in the mining industry, especially as it concerns artisans and small-scale miners.

Know more about Nere Teriba and her interests by reading her interview with TheNerve Africa here – Nere Teriba’s Interview With TheNerve Africa.

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