…Gold transaction adds $5m to foreign reserves
\n<\/b><\/p>\n
…70+ Kilograms refined for London Bullion Market Gold delivery standard<\/b><\/p>\n
Solid Minerals Development Minister, Dr. Dele Alake has commended President Bola Ahmed Tinubu for supporting reforms in the solid minerals sector assuring that the National Gold Purchase programme will increase the country\u2019s reserve and boost the naira\u2019s value.<\/p>\n
Presenting the latest gold bar sourced from artisanal and small gold miners and refined by an agency of the Ministry, the Solid Minerals Development Fund, to meet the London Bullion Market Association Good Delivery Standard over the weekend, Alake said the refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves.<\/p>\n
Explaining to President Tinubu the significance of the event, Alake said it marked the first commercial transaction under the National Gold Purchase Program (NGPP), the centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.<\/p>\n
His words: \u201cThe successful completion of the first commercial transaction clearly demonstrates the
\nNational Gold Purchase Program’s effectiveness. It has increased the nation\u2019s foreign
\nreserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded
\nin United States Dollars, such as gold, is a viable strategy. This transaction has also
\nunderscored the potential of the National Gold Purchase Program to enhance fiscal and
\nmonetary stability.\u201d<\/p>\n
Alake said the first commercial transaction has delivered +US$5 million increase in Nigerian\u2019s foreign reserves assets, 70+ kilograms of gold refined to the London Bullion Market Good Delivery Standard and successful aggregation of locally mined gold thereby injecting about NGN6 billion into the rural economy.<\/p>\n
Receiving and displaying a symbolic bar, President Tinubu commended the Ministry for achieving a major milestone in the administration\u2019s drive to diversify the economy.<\/p>\n
\u201cThis is another concrete step towards the diversification process under the Renewed Hope Agenda\u201d the President said.<\/p>\n
In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi said the London Bullion Market Good Delivery Standard is the globally recognised stringent and trusted standard that enables the global trade in gold and silver bars.<\/p>\n
\u201cOnly gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract \u2013 where the bullion traded is physically held in London\u201d she said.<\/p>\n
Shinkafi said, through the efforts of the National Gold Purchase Program under the Ministry of Solid
\nMinerals Development, Nigeria has joined a select group of countries bolstering their gold
\nreserves by purchasing gold in local currency to foster economic confidence, enhance
\ncurrency stability, and create a more attractive environment for foreign investment.<\/p>\n
Segun Tomori
\nSpecial Assistant on Media to the Minister<\/p>\n
June 23, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"
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