The Minister of Solid Minerals Development, Dele Alake, has showcased newly refined gold bars to the President of Nigeria, Asiwaju Bola Tinubu.

The Minister highlighted that ongoing reforms in the gold sector were expected to enhance Nigeria’s fiscal and monetary stability.

Alake, during the presentation at the Presidential Villa in Abuja, displayed gold bars refined to the standards of the London Bullion Market Association Good Delivery.

The gold bars marked the first commercial transaction under the National Gold Purchase Programme (NGPP), which aims at centralizing gold purchases from artisanal and small-scale miners.

The Minister emphasized the programme’s immediate impact, stating, “this transaction has added over $5 million to Nigeria’s foreign reserves and injected approximately 6 billion Naira into the rural economy.”

Alake noted that the refined gold would be sold to the Central Bank of Nigeria (CBN), directly boosting the nation’s foreign reserves.

Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund (SMDF), announced that Nigeria has joined a select group of nations that are bolstering their gold reserves by purchasing gold in local currency.

The Executive Secretary explained that the strategy is intended to foster economic confidence and enhance currency stability.

She said, “only gold and silver bars that meet our Good Delivery standards are acceptable for settling a Loco London contract, where the bullion traded is physically held in London.”

President Tinubu, while receiving a symbolic gold bar, commended the initiative, saying “another tangible step forward in the diversification process under the Renewed Hope Agenda.”