Nigeria’s foreign reserves have seen a notable increase of $5 million following the successful execution of the National Gold Purchase Programme (NGPP).

President Bola Ahmed Tinubu marked the occasion by receiving gold bars refined to the London Bullion Market Association (LBMA) Good Delivery Standard.

The gold, obtained from artisanal and small-scale miners, was refined by the Solid Minerals Development Fund under the Ministry of Solid Minerals. This event represents the first commercial transaction of the NGPP, which aims to enhance the country’s foreign reserves and fortify the naira.

Dele Alake, the Minister of Solid Minerals, shared the update on X, expressing satisfaction with the progress.

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

“The bars, sourced from artisanal and small gold miners, were refined by the Solid Minerals Development Fund, an agency under our Ministry.

“They have met the London Bullion Market Association Good Delivery Standard and will soon be sold to the Central Bank of Nigeria to bolster our foreign reserves,” Alake wrote.

He further added: “Additionally, I am proud to announce that this first commercial transaction has led to a significant boost of over $5 million in Nigeria’s foreign reserves, the refinement of over 70 kilograms of gold to the LBMA Good Delivery Standard, and the successful aggregation of locally mined gold, injecting around NGN6 billion into the rural economy.”