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President Bola Tinubu has commended the Ministry of Solid Minerals Development for achieving important milestones in his country’s economic diversification efforts.
The Ministry successfully executed the first commercial transaction under the National Gold Purchase Program (NGPP), which has injected $5 million into Nigeria’s foreign exchange reserves and N6 billion into the rural economy.
The President praised the ministry’s efforts, stating, “This is a concrete step towards the diversification process under the New Hope Agenda.”
It accepts gold bars sourced from local miners and small-scale miners, which are refined by the Solid Minerals Development Fund, an agency owned by the Ministry.
The NGPP aims to encourage the formalization and integration of small-scale and traditional gold miners into the formal economy. The program has successfully collected more than 70 kilograms of gold, meeting the London Bullion Market’s Good Delivery Standard, a globally recognized and trusted standard in gold and silver trading.
Dele Alake, Minister of Solid Minerals Development, who handed over the gold bars symbolically to the President on Sunday, highlighted the program’s potential to increase foreign exchange reserves, increase the value of the Naira, and improve fiscal and monetary stability.
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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 effectiveness of the National Gold Purchase Program.”
Hajiya Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund, revealed that Nigeria has joined other countries in increasing gold reserves through the purchase of local currency, increasing economic confidence, currency stability and attracting foreign investment.
He noted that the program has created a more attractive environment for foreign investment and demonstrated the potential for economic growth and diversification.
The President’s New Hope Agenda prioritizes economic diversification, and the NGPP is a significant step toward achieving this goal. The success of this program is expected to have a positive impact on the Nigerian economy, creating jobs and stimulating growth in its strong minerals sector.
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