Dele Alake who is the minister of solid minerals development has revealed that more than 70kg of gold sourced in Nigeria have been refined for exports, while over $5 million has been added to the nations foreign assets reserve from the sales of the mineral
He went on to mention that the transaction marked the first commercial transaction under the National Gold Purchase Program (NGPP), the centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.
Alake said the first commercial transaction has delivered +US$5 million increase in Nigeria’s foreign reserves assets, 70+ kilograms of gold refined to the London Bullion Market Good Delivery Standard and successful aggregation of locally mined gold thereby injecting about N6 billion into the rural economy.
Alake who commended President Tinubu for supporting reforms in the solid minerals sector reassured that the National Gold Purchase programme will increase the country’s reserve and boost the naira’s value.
The Minister said it marked the first commercial transaction under the National Gold Purchase Program (NGPP), the centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.
The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness,” he said.
It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in the United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.
