Mkpoikana Udoma
Port Harcourt — In a significant milestone for the country’s economic development, the Minister of Solid Minerals Development, Dele Alake, has presented gold bars to President Bola Ahmed Tinubu, marking the first commercial transaction under the National Gold Purchase Program, NGPP.
The gold bars, refined to the London Bullion Market Association’s Gold Delivery’s standard, according to Alake, will be sold to the Central Bank of Nigeria, CBN, injecting a substantial $5 million into the country’s foreign reserves.
The Minister of on his official X handle said thd transaction also saw the refinement of over 70 kilograms of gold and the injection of about N6billion into the rural economy.
He said the NGPP was a centralized offtake scheme supported by a decentralized aggregation and production network of artisanal and small-scale miners and cooperatives, aiming to increase Nigeria’s reserves, enhance fiscal and monetary stability, and promote economic diversification.
“I am pleased to report that the National Gold Purchase Program, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress.
“Recently, I had the honor of presenting the latest gold bars to President Bola Ahmed Tinubu. The bars were sourced from artisanal and small gold miners and refined by an agency of our Ministry, the Solid Minerals Development Fund. They have met the London Bullion Market Association Good Delivery Standard and will soon be sold to the Central Bank of Nigeria to strengthen our foreign reserves.
“This marks the first commercial transaction under the National Gold Purchase Program, which is a centralized offtake scheme supported by a decentralized aggregation and production network of artisanal and small-scale miners and cooperatives.
“I am proud to announce that this first commercial transaction has resulted in a substantial increase of over $5 million in Nigeria’s foreign reserves assets, the refinement of over 70kg of gold to the London Bullion Market Gold Delivery Standard, and the successful aggregation of locally mined gold, injecting around N6billion into the rural economy.”
