- Mr Dele Alake the minister of solid minerals spoke in Abuja “I am pleased to report that the National Gold Purchase programme, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress.
Recently, I had the honor of presenting the latest gold bars to HE President Bola Ahmed Tinubu. 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.
Producing gold bars can benefit a country in several ways:
1.Economic Stability and Wealth: Gold is a valuable commodity that contributes to a country’s wealth and economic stability. It can be used to back currency or as a reserve asset.
2. Foreign Exchange Reserves: Many countries hold gold reserves as part of their foreign exchange reserves. These reserves can be used to support the value of the national currency or to facilitate international trade.
3. Investment and Trade: Gold bars are traded globally on commodity exchanges. Producing gold allows a country to participate in this market, potentially generating revenue through exports.
4. Job Creation and Economic Growth: Gold mining and refining operations create jobs and can stimulate economic growth in regions where these activities take place.
5. Diversification: Owning gold provides diversification in a country’s overall portfolio of assets, reducing risk in times of economic uncertainty.
6. Hedge Against Inflation: Gold is often seen as a hedge against inflation and currency devaluation. Holding gold reserves can help stabilize the economy during inflationary periods.
7. Cultural Significance: In some cultures, gold holds significant cultural and symbolic value, which can further enhance its importance beyond its economic utility.
Overall, producing gold bars can enhance a country’s economic resilience, financial security, and international trade capabilities.
This marks the first commercial transaction under the National Gold Purchase Program (NGPP), which is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.
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”.
Below are response from Nigerians:
@nonconformist1- Make una sha no pack everything…… Remain small for Nigeria
@Ajibola754- Tinubu ambition in the open now, Nigeria will become Somalia or Congo very soon. My helper locate me make I comot for this rubbish country.
@ReueNafisu- I swear them go thief everything
@Enitanp007-D3m Don keep five for baba already
@Iledare-Every past govt activities concerning our natural resources and solid minerals were controlled by the cabals and done in secrecy…..I have never seen gold bars with any Nigerian President or minister.
Hope this brings prosperity to the people.
