Nigeria has recorded a commercial transaction of raw gold sales at the London Bullion Market Association. The Minister of Solid Minerals Development, Dele Alake disclosed this on Sunday.
He said the sales have added a $5m increase into Nigeria’s foreign reserves, 70 plus kilograms of gold refined to the London Bullion Market Good Delivery Standard and successful aggregation of locally mined gold. He said all these have injected about N6bn into the economy.
Alake said that the National Gold Purchase programme will increase the country’s reserve and increase the naira’s value.
Receiving and displaying a symbolic bar, Tinubu commended the Ministry for achieving a major milestone in the administration’s drive to diversify the economy.
Alake disclosed this while presenting the latest gold bar to President Bola Tinubu during the weekend.
They were sourced from artisanal and small gold miners and refined by the Solid Minerals Development Fund. The minister in a statement signed by the Special Assistant on Media, Segun Tomori, said the refined gold would be sold to the Central Bank of Nigeria to boost foreign reserves.
Nigeria reportedly has about 600,000 tonnes of gold reserves, worth about $45bn located in several states including Zamfara and Edo.
Illegal mining has led to a diversion of the nation’s mineral resources to private individuals.
