– Dr. Dele Alake, Minister of Solid Minerals Development, presented gold bars to President Bola Tinubu, boosting Nigeria’s foreign reserves by over $5 million.
– This transaction is the first under the National Gold Purchase Programme (NGPP), which aims to enhance the country’s reserve and strengthen the naira.
– The gold bars, refined to the London Bullion Market Association standards, will be sold to the Central Bank of Nigeria (CBN).
– Alake emphasised that this initiative demonstrates the potential of using the naira for transactions involving significant liquid assets like gold.
– The completion of this transaction signifies a successful aggregation of local gold, injecting approximately N6 billion into the rural economy.
– President Tinubu praised the ministry’s efforts as a vital step towards economic diversification under the Renewed Hope Agenda.
– Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund, highlighted that adherence to global standards positions Nigeria among countries enhancing their gold reserves through local currency purchases.
