…Refined over 70 kilograms of gold to the London Bullion Market Good Delivery Standard
SUN JUNE 23 2024-theGBJournal| The Minister of Solid Minerals, Dele Alake, today reported what he says is ”significant progress” in Nigeria’s National Gold Purchase programme, which aims to increase the country’s reserves and boost the value of the naira.
Alake said he recently presented the latest gold bars to President Bola Ahmed Tinubu.
”The bars were sourced from artisanal and small gold miners and refined by an agency of our Ministry, the Solid Minerals Development Fund. They have met the London Bullion Market Association Good Delivery Standard and will soon be sold to the Central Bank of Nigeria to strengthen our foreign reserves,” 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.
This first commercial transaction, according to the Minister, has resulted in a substantial increase of over US$5 million in Nigeria’s foreign reserves assets, the refinement of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard, and the successful aggregation of locally mined gold, injecting around N6 billion into the rural economy.
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