Nigeria’s foreign reserves have received a significant boost, increasing by $5 million following the successful implementation of the National Gold Purchase Programme (NGPP).

The milestone was marked by President Bola Ahmed Tinubu’s reception of gold bars refined to the London Bullion Market Association (LBMA) Good Delivery Standard.

The gold, sourced from artisanal and small-scale miners, was refined by the Solid Minerals Development Fund under the Ministry of Solid Minerals. This marks the first commercial transaction of the NGPP, aimed at enhancing the country’s foreign reserves and strengthening the naira.

Solid Minerals minister, Dele Alake, shared the update on X, expressing pride in the progress made.

“I am pleased to report that the National Gold Purchase Programme is making significant progress.

“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,” Alake wrote.

He added: “Furthermore, I am proud to announce that this first commercial transaction 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 NGN6 billion into the rural economy.”