Nigeria Boosts Economy with $5m Gold Sales, Injects N6bn into Rural Economy

Tinubu jubilates as Nigeria sells gold, injects $5m into economy

Nigeria has successfully sold raw gold at the London Bullion Market Association, generating $5 million and increasing the country’s foreign reserves.

The sales also resulted in the refining of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard.

According to the Minister of Solid Minerals Development, Dele Alake, the National Gold Purchase Program has successfully aggregated locally mined gold, injecting approximately N6 billion into the rural economy.

President Bola Tinubu commended the Ministry for achieving this major milestone in the administration’s drive to diversify the economy. The President received a symbolic gold bar to mark the occasion.

The Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi, explained that the London Bullion Market Good Delivery Standard is a globally recognized and trusted standard that enables the global trade in gold and silver bars.

This achievement demonstrates Nigeria’s potential to enhance fiscal and monetary stability by increasing its gold reserves. The country has an estimated 600,000 tonnes of gold reserves worth about $45 billion, located in several states.

The National Gold Purchase Program aims to bolster foreign reserves, boost the naira’s value, and create a more attractive environment for foreign investment.

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