Nigeria has boosted its foreign reserves with U.S.$5 million from the sale of gold bars to the Central Bank of Nigeria (CBN). This milestone marks the first commercial transaction under the National Gold Purchase Program (NGPP), a pioneering initiative aimed at promoting the development of Nigeria’s solid minerals sector.
The gold bars, refined to meet the London Bullion Market Association Good Delivery Standard, were sourced from artisanal and small-scale miners and presented to President Bola Tinubu by the Minister of Solid Minerals Development, Dele Alake on Sunday. This transaction is expected to increase Nigeria’s foreign reserves by U.S.$5 million and inject approximately ₦6 billion (U.S.$3,919,288.74) into the economy.
The NGPP aims to enhance Nigeria’s foreign reserves, boost the value of the naira, and provide a viable alternative to oil exports. The success of this program demonstrates the potential of the solid minerals sector to contribute significantly to Nigeria’s economic growth and development, according to Alake.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
