Dele Alake, Minister of Solid Minerals Development, has presented refined gold bars to President Bola Tinubu, marking a significant milestone in Nigeria’s efforts to diversify its economy.
Gatekeepers News reports that the gold bars, sourced from artisanal and small-scale miners, were refined to meet the London Bullion Market Association’s good delivery standard.
According to Alake, the transaction added $5 million to Nigeria’s external reserves and injected approximately N6 billion into the rural economy.
He praised the National Gold Purchase Program (NGPP) for its effectiveness in increasing foreign reserves assets and enhancing fiscal and monetary stability.
President Tinubu commended the ministry for its achievements, stating that the initiative aligns with the administration’s Renewed Hope Agenda to diversify the economy.
Fatimah Shinkafi, Executive Secretary of the Solid Minerals Development Fund, emphasized that the London Bullion Market good delivery standard enables global trade in gold and silver bars.
