In order to strengthen its gold reserves and consolidate the value of its currency, the naira, Nigeria initiated a national gold purchase program.
Dele Alake, Nigeria’s Minister of Solid Minerals, announced significant progress in this gold purchase program this Sunday, June 23, 2024 on X, formerly Twitter.
Before making the information public, the minister presented the latest gold bars purchased to the President of Nigeria, Bola Ahmed Tinubu.
These gold bars, which represent more than 70 kg, come from small artisanal Nigerian gold mines.
they were refined under the auspices of the Solid Minerals Development Fund, an agency under Nigeria’s Ministry of Solid Minerals.
According to Minister Dele Alake, the bars meet the London Bullion Market Association’s strict standards for good delivery.
The Central Bank of Nigeria will use the purchased gold to strengthen the currency and increase the country’s foreign exchange reserves by more than $5 million.
This transaction will inject around 6 billion naira into the rural economy, rejoices Dele Alake.
In Nigeria, the National Gold Purchase Program (NGPP) represents “a centralized purchasing system supported by a decentralized aggregation and production network of artisanal and small-scale miners and cooperatives.”
This program marks the promising start of a strategy aimed at developing Nigeria’s natural resources while strengthening its economic stability.
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