Victor Ezeja
Minister of Solid Minerals Development, Dr. Dele Alake, has said the first commercial transaction of refined gold under the National Gold Purchase Programme (NGPP), resulted in over $5 million increase in Nigerian’s foreign reserves assets.
Alake disclosed this when he presented to President Bola Ahmed Tinubu, the latest gold bars sourced from artisanal and small gold miners and refined by an agency of the Ministry, Solid Minerals Development Fund.
Join our WhatsApp ChannelAccording to Alake, the gold was refined to meet the London Bullion Market Association Good Delivery Standard.
The minister also said it injected around ₦6 billion into the rural economy.
Alake said the refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves.
In a statement posted on his official X handle on Sunday, Alake noted that the National Gold Purchase programme, which is “a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives,” aims to increase the country’s reserves and boost the value of the naira.
He said: “I am pleased to report that the National Gold Purchase programme, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress.
“Recently, I had the honour 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 marks the first commercial transaction under the National Gold Purchase Programme (NGPP), which is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.
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“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.”
On his part, President Tinubu, who received the symbolic gold bar at the State House, Abuja, commended the Ministry for the significant step towards diversifying the the Nigeria’s economy.
“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the Tinubu said.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
