FG launches National Gold Purchase Programme to boost Naira’s value

Asiwaju on Gold 

The Federal Government yesterday announced the official launch of the National Gold Purchase programme, (NGPP), which aims to increase the country’s reserves and boost the value of the Naira.

Gold bars

Minister of Solid Minerals, Dele Alake, revealed this information through his official X account, when he presented the gold bars to President Bola Tinubu at the Presidential Villa in Abuja.

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

The Minister also disclosed that the gold would soon be sold to the Central Bank of Nigeria, (CBN), to strengthen the foreign reserves.  He noted that they have met the London Bullion Market Association Good Delivery Standard.

Additionally, the Minister said the first commercial transaction has resulted in a substantial increase of over US$5 million in Nigeria’s foreign reserves assets.

He mentioned that refining over 70 kilogrammes of gold to the London Bullion Market Good Delivery Standard and successfully aggregating locally mined gold injected around NGN  billion into the rural economy.

He said, “This marks the first commercial transaction under the National Gold Purchase Program (NGPP), which is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

Alake lauded the President for supporting reforms in the solid minerals sector, assuring that the sector will in no distant time boost the nation’s reserves.

Explaining the significance of the event, Alake said it marked the first commercial transaction under the  NGPP, the centralised off-take scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

Asiwaju on Gold2 

​Receiving and displaying a symbolic bar, Tinubu commended the Ministry for achieving a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda” the President said.

​In her presentation, Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi, said the London Bullion Market Gold Delivery Standard is the globally-recognised stringent and trusted standard that enables the global trade in gold and silver bars.

​Shinkafi added that, through the efforts of the National Gold Purchase Programme under the Ministry of Solid Minerals Development, Nigeria has joined a select group of countries bolstering their gold reserves by purchasing gold in local currency to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.

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