In a landmark achievement, the Solid Minerals Development Minister, Dr. Dele Alake, has announced that the National Gold Purchase Programme (NGPP) has successfully increased Nigeria’s foreign reserves by $5 million and injected NGN6 billion into the rural economy.
This milestone is a testament to President Bola Ahmed Tinubu’s unwavering support for reforms in the solid minerals sector.
During a ceremony at the State House, Alake presented a symbolic gold bar to President Tinubu, celebrating the first commercial transaction under the NGPP.
In a statement released by Mr. Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development on Sunday in Abuja.
The refined gold, sourced from artisanal and small-scale miners, meets the stringent London Bullion Market Association (LBMA) Good Delivery Standard.
“This achievement demonstrates the effectiveness of the National Gold Purchase Programme and its potential to enhance fiscal and monetary stability,” Alake said. “We are proud to be part of a select group of countries bolstering their gold reserves through local currency purchases, fostering economic confidence and attracting foreign investment.”
President Tinubu commended the Ministry for their hard work, stating, “This is a concrete step towards our economic diversification goals under the Renewed Hope Agenda.”
The NGPP’s success is a result of a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives, supported by the Solid Minerals Development Fund. This initiative has not only boosted Nigeria’s reserves but also showcased the country’s commitment to economic growth and development.
With this achievement, Nigeria has solidified its position as a key player in the global gold market, and the NGPP is poised to continue driving economic progress in the years to come.
In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi, emphasized the importance of the LBMA Good Delivery Standard, describing it as the globally recognized stringent and trusted standard that enables the global trade in gold and silver bars. “Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London,” Shinkafi explained.
Shinkafi also highlighted that through the efforts of the National Gold Purchase Programme under the Ministry of Solid Minerals Development, Nigeria has joined a select group of countries bolstering their gold reserves by purchasing gold in local currency. This initiative is expected to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.
