Tinubu Celebrates $5 Million Boost To Foreign Reserves Through National Gold Programme

President Bola Tinubu has praised the Ministry of Solid Minerals Development for achieving a significant milestone in the country’s economic diversification drive.

The ministry successfully carried out the first commercial transaction under the National Gold Purchase Programme (NGPP), which has injected $5 million into Nigeria’s foreign reserves and N6 billion into the rural economy.

The President commended the ministry’s efforts, stating, “This is another concrete step towards the diversification process under the Renewed Hope Agenda.”

He received gold bars sourced from local artisanal and small-scale miners, refined by the Solid Minerals Development Fund, an agency of the Ministry.

The NGPP aims to promote the formalization and integration of artisanal and small-scale gold miners into the formal economy. The programme has successfully aggregated over 70 kilograms of gold, meeting the London Bullion Market Good Delivery Standard, a globally recognized and trusted standard in the gold and silver trade.

Dele Alake, Minister of Solid Minerals Development, who presented a symbolic gold bar to the President on Sunday, highlighted the programme’s potential to increase foreign reserves, boost the value of the Naira, and enhance fiscal and monetary stability.

Alake also acknowledged the President’s support for reforms in the solid minerals sector, stating, “The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Programme’s effectiveness.”

Hajiya Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund, revealed that Nigeria has joined other countries in bolstering gold reserves through local currency purchases, fostering economic confidence, currency stability, and attracting foreign investment.

She noted that the programme has created a more attractive environment for foreign investment and demonstrated the potential for economic growth and diversification.

The President’s Renewed Hope Agenda prioritizes economic diversification, and the NGPP is a significant step towards achieving this goal. The programme’s success is expected to have a positive impact on Nigeria’s economy, creating jobs and stimulating growth in the solid minerals sector.