The National Gold Purchase Programme (NGPP), an initiative aimed at enhancing Nigeria’s gold reserves and stabilizing the naira, is making significant strides, according to the Minister for Solid Minerals, Dele Alake.
In a notable development, Minister Alake recently presented the latest refined gold bars to President Bola Ahmed Tinubu. These gold bars, sourced from artisanal and small-scale miners, have been refined by the Solid Minerals Development Fund, an agency under the Ministry of Solid Minerals. Notably, the gold bars meet the stringent London Bullion Market Association (LBMA) Good Delivery Standard, ensuring their quality and marketability.
This milestone marks the first commercial transaction under the NGPP, a centralized scheme that facilitates the aggregation and purchase of gold from a decentralized network of miners and cooperatives across Nigeria. The program is designed to support local mining communities and contribute to the national economy.
Minister Alake highlighted the significance of this transaction, stating, “This first commercial transaction has resulted in a substantial increase of over US$5 million in Nigeria’s foreign reserves.
Additionally, more than 70 kilograms of gold have been refined to the LBMA Good Delivery Standard. This initiative not only strengthens our reserves but also injects approximately NGN6 billion into the rural economy, benefiting local miners and their communities.”
The NGPP’s approach involves a decentralized aggregation and production network, empowering artisanal and small-scale miners through cooperatives.
By refining and selling gold to the Central Bank of Nigeria, the programme aims to bolster the country’s foreign reserves and provide economic support to rural areas involved in gold mining.
As the NGPP continues to progress, it promises to play a crucial role in Nigeria’s economic development, enhancing the nation’s gold reserves, supporting the naira and fostering growth in the rural economy.
