The National Gold Purchase Programme (NGPP), an initiative aimed at bolstering Nigeria’s gold reserves and enhancing the value of the naira, has reached a significant milestone.
The Minister of Solid Minerals, Dele Alake announced the recent achievements of the programme, emphasizing its positive impact on the country’s economy and foreign reserves.
Mr Alake presented the latest refined gold bars to President Bola Ahmed Tinubu saying the bars, sourced from artisanal and small-scale miners and refined by the Solid Minerals Development Fund, have met the stringent London Bullion Market Association (LBMA) Good Delivery Standard.
He said the high-quality gold bars are slated for sale to the Central Bank of Nigeria (CBN), a move expected to strengthen Nigeria’s foreign reserves.
According to him, This presentation marks the inaugural commercial transaction under the NGPP as The programme operates as a centralized offtake scheme, supported by a decentralized network of artisanal and small-scale miners and cooperatives.
Mr Alake said the structure ensures a streamlined process from gold extraction to refinement and sale.
The first commercial transaction under the NGPP has already yielded impressive results:
- An increase of over US$5 million in Nigeria’s foreign reserves assets.
- Refinement of over 70 kilograms of gold to the LBMA Good Delivery Standard.
- Injection of approximately NGN6 billion into the rural economy through the successful aggregation of locally mined gold.
Minister Alake expressed pride in the programme’s achievements, highlighting the economic benefits and the support it provides to local miners.
The NGPP is seen as a crucial step towards sustainable economic growth and development in Nigeria’s mining sector.
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