In a landmark development for Nigeria’s economic future, the National Gold Purchase Programme (NGPP) has successfully completed its first commercial transaction.
Dele Alake, the Minister of Solid Minerals, proudly announced the significant strides made by the program in boosting the nation’s gold reserves and enhancing the value of the naira.
In a ceremonious event, Minister Alake presented the latest batch of refined gold bars to His Excellency President Bola Ahmed Tinubu. These gold bars, meticulously sourced from artisanal and small-scale miners, were refined by the Solid Minerals Development Fund, an agency under the Ministry of Solid Minerals.
Impressively, the gold has met the stringent London Bullion Market Association (LBMA) Good Delivery Standard, ensuring its acceptance on the global market.
This transaction represents the inaugural success of the NGPP, a strategic initiative designed to centralize the purchase of gold while supporting a decentralized network of artisanal miners and cooperatives. The program not only aims to fortify Nigeria’s foreign reserves but also to stimulate economic activity in rural areas.
The first sale to the Central Bank of Nigeria has already resulted in a notable increase of over $5 million in the country’s foreign reserves. Additionally, over 70 kilograms of gold refined to LBMA standards have been aggregated, injecting approximately NGN 6 billion into the rural economy. This infusion of funds is expected to have a significant positive impact on local communities and the broader economy.
Minister Alake emphasized the transformative potential of the NGPP, highlighting its role in enhancing the livelihoods of small-scale miners and contributing to the nation’s economic stability. As Nigeria continues to develop its mining sector, the success of the NGPP stands as a testament to the potential benefits of such innovative programs.
This historic milestone not only underscores the importance of gold in bolstering Nigeria’s economy but also sets a precedent for future transactions under the National Gold Purchase Program.
