The Minister of Solid Minerals Development, Dele Alake, announced on Sunday that the first commercial transaction involving Nigerian gold bars has increased Nigeria’s foreign reserves by more than $5 million.
Alake shared this news in a statement on his X handle, detailing the significant milestone achieved through the National Gold Purchase Program (NGPP).
The minister recently presented the first batch of gold bars to President Bola Tinubu, highlighting that these were sourced from artisanal and small-scale miners and refined by the Solid Minerals Development Fund, an agency under the Ministry of Solid Minerals Development. This initiative has injected approximately N6 billion into the rural economy.
“I am pleased to report that the National Gold Purchase Program, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress,” Alake stated.
“Recently, I had the honor of presenting the latest gold bars to HE President Bola Ahmed Tinubu. The bars were sourced from artisanal and small gold miners and refined by an agency of our Ministry, the Solid Minerals Development Fund. They have met the London Bullion Market Association Good Delivery Standard and will soon be sold to the Central Bank of Nigeria to strengthen our foreign reserves.”
This transaction marks the first under the NGPP, a centralized off-take scheme supported by a decentralized network of artisanal and small-scale miners and cooperatives. “Furthermore, I am proud to announce that this first commercial transaction has resulted in a substantial increase of over $5 million in Nigeria’s foreign reserves assets, the refinement of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard, and the successful aggregation of locally mined gold, injecting around N6 billion into the rural economy,” Alake added.
The NGPP aims to enhance Nigeria’s gold reserves and stabilize the value of the naira, demonstrating a successful collaboration between the government and local mining communities.
