Nigeria has bolstered its foreign reserves by $5 million through its inaugural gold sales under the National Gold Purchase Programme (NGPP).
Dele Alake, Nigeria’s Minister of Solid Minerals, announced the milestone via social media, stating, “I am pleased to report that our first commercial transaction has significantly increased Nigeria’s foreign reserves by over $5 million.” He highlighted that the gold bars were sourced from artisanal and small-scale miners and refined by an agency under the Ministry of Solid Minerals.
The NGPP, designed as a centralized off-take scheme, is supported by a decentralized network involving artisanal miners and cooperatives for production and aggregation.
Alake further noted that this initial trade involved refining over 70 kilograms of gold to meet the London Bullion Market Good Delivery Standard. The transaction has also injected approximately NGN6 billion into the rural economy through the aggregation of locally mined gold.
The minister indicated that the refined gold bars will soon be sold to the Central Bank of Nigeria, further enhancing the country’s foreign reserves.
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