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Alake presents gold bars to President Tinubu, marking a milestone for the National Gold Purchase Program

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In a significant move poised to bolster Nigeria’s economic landscape, Solid Minerals Minister Dele Alake on Sunday presented symbolic gold bars to President Bola Ahmed Tinubu.

This presentation highlights the success of the National Gold Purchase Program (NGPP), an initiative aimed at increasing the nation’s foreign reserves and strengthening the naira.

“I am pleased to report that the National Gold Purchase Program, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress,” Alake announced.

The gold bars, sourced from artisanal and small-scale miners, were refined by the Solid Minerals Development Fund and have met the London Bullion Market Association’s Good Delivery Standard.

He said these bars will soon be sold to the Central Bank of Nigeria, reinforcing the country’s foreign reserves.

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This event marks the first commercial transaction under the NGPP, a centralized offtake scheme supported by a decentralized aggregation and production network of artisanal and small-scale miners and cooperatives.

Alake proudly revealed that this initial transaction has resulted in a substantial increase of over $5 million in Nigeria’s foreign reserves assets.

Additionally, over 70 kilograms of gold have been refined to meet the London Bullion Market’s stringent standards, and the successful aggregation of locally mined gold has injected around N6 billion into the rural economy.

The NGPP’s milestone demonstrates Nigeria’s commitment to leveraging local resources to drive economic growth.

By centralizing gold purchases while supporting local miners, the program not only enhances the country’s financial stability but also contributes to the economic empowerment of rural communities.

As the Central Bank of Nigeria prepares to acquire these gold bars, the initiative underscores the strategic efforts to strengthen Nigeria’s economy and solidify the naira’s value on the global stage.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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