The Federal Government on Sunday announced the official launch of the National Gold Purchase programme.
The programme aims to increase the country’s reserves and boost the value of the naira.
The Minister of Solid Minerals, Dele Alake revealed this information through his official X account when he presented the gold bars to President Bola Tinubu at the Presidential Villa in Abuja.
He explained that the bars were sourced from artisanal and small-scale gold miners and refined by an agency of the Ministry, the Solid Minerals Development Fund.
The minister also disclosed that the gold would soon be sold to the Central Bank of Nigeria to strengthen the foreign reserves.
He noted that they have met the London Bullion Market Association Good Delivery Standard.
Additionally, the minister said the first commercial transaction has resulted in a substantial increase of over US$5 million in Nigeria’s foreign reserves assets.
He mentioned that refining over 70 kilograms of gold to the London Bullion Market Good Delivery Standard and successfully aggregating locally mined gold injected around NGN 6 billion into the rural economy.
He said, “I am pleased to report that the National Gold Purchase programme, 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 HE 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 (NGPP), which is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.
