President Bola Tinubu has commended the National Gold Purchase Program (NGPP), on its first commercial transaction delivering the sum of $5 million increase in foreign reserves assets,
The President gave the commendation at the State House, on Sunday while receiving and displaying the latest symbolic gold bar sourced from artisanal and small gold miners in Nigeria
Commending the efforts of the Federal Ministry of Solid Minerals Development led by Delete Alake, the President described the achievement as a major milestone in his administration’s drive to diversify the nation’s economy.
President Tinubu said the efforts by the Solid Minerals Development Fund, an agency under the Federal Ministry of Solid Minerals is another concrete step under the Renewed Hope Agenda.
Dr Alake, while presenting the latest gold bar to the President, said the refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves ,
He lauded President Tinubu for supporting reforms in the solid minerals sector, assuring that the National Gold Purchase programme will increase the country’s reserve and boost the naira’s value
70 kilograms of gold was refined to the London Bullion Market Good Delivery Standard and successfully injected about N6 billion into the country’s rural economy
With this achievement, Nigeria now joins a select group of countries bolstering their gold reserves by purchasing gold in local currency to foster economic confidence and enhance foreign investment.