Nigeria Boosts Foreign Reserves with $5 Million from First Gold Sales

Nigeria has bolstered its foreign reserves with an infusion of $5 million, marking the first commercial transaction under the National Gold Purchase Programme (NGPP).

The Minister of Solid Minerals, Dele Alake, announced this milestone on Sunday via his X handle.

“I am proud to announce that this first commercial transaction has resulted in a substantial increase of over $5 million in Nigeria’s foreign reserves assets,” Mr. Alake stated. He elaborated that the gold bars, sourced from artisanal and small-scale miners, were refined by the Solid Minerals Development Fund, an agency of the Ministry of Solid Minerals.

The National Gold Purchase Programme is a centralized offtake scheme supported by a decentralized network of artisanal and small-scale miners and cooperatives. The programme aims to aggregate and refine locally mined gold.

This initial trade has led to the refinement of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard and the injection of approximately NGN6 billion into the rural economy.

Mr. Alake also mentioned that the gold bars will soon be sold to the Central Bank of Nigeria to further strengthen the nation’s foreign reserves.