Minister Announces $5 Million Boost to Nigeria’s Economy through Gold Program
Dele Alake, the Minister of Solid Minerals Development, has announced that Nigeria’s National Gold Purchase Program (NGPP) has significantly boosted the country’s foreign reserves by over $5 million through its first commercial transaction.
This initiative, overseen by the Solid Minerals Development Fund, has successfully refined more than 70 kilograms of gold to meet the stringent London Bullion Market Good Delivery Standard, injecting approximately N6 billion into the economy.
During a presentation ceremony where President Bola Tinubu received a gold bar symbolizing this achievement, Alake highlighted the importance of this milestone under the NGPP. He emphasized that selling locally mined gold to the Central Bank of Nigeria in exchange for foreign reserves demonstrates a viable strategy of using the Nigerian Naira to acquire liquid assets traded in US Dollars.
Furthermore, President Tinubu commended the ministry for advancing economic diversification under the ‘Renewed Hope’ agenda, viewing the NGPP’s success as a pivotal step in this direction. Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund, explained that meeting the London Bullion Market Good Delivery Standard ensures global recognition and trust in Nigeria’s gold, enhancing its marketability on the international stage.
