Tinubu Lauds $5m Increase in Foreign Reserves from Gold Sales

President Bola Tinubu has commended the Ministry of Solid Minerals Development for its successful sale of raw gold on the London Bullion Market Association.

This achievement resulted in a $5 million increase in Nigeria’s foreign reserves and a substantial boost to the rural economy.

Minister Dele Alake reported that the sales involved refining over 70 kilogrammes of gold to meet the London Bullion Market Good Delivery Standard.

This process aggregated locally mined gold, injecting approximately N6 billion into the rural economy.

The refined gold is set to be sold to the Central Bank of Nigeria, a move expected to further bolster foreign reserves and potentially enhance both fiscal and monetary stability.

Tinubu highlighted this success as a major milestone in his administration’s efforts to diversify the economy.

He stated that this accomplishment underscores the effectiveness of the National Gold Purchase Programme.

Nigeria boasts an estimated 600,000 tonnes of gold reserves valued at about $45 billion. This initiative aims to harness the country’s gold resources to foster economic confidence, improve currency stability, and attract foreign investment.

The success of this gold sale is a significant step toward achieving these goals, demonstrating the potential of the National Gold Purchase Programme to drive economic growth and development in Nigeria.

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