GOLD NEWS

Tinubu Hails Nigeria’s Gold Sales, $5m Boost to Economy

Tue June 25 2024

President Bola Tinubu has commended the Ministry of Solid Minerals Development for successfully selling raw gold at the London Bullion Market Association, resulting in a $5m increase in Nigeria’s foreign reserves and a significant injection into the rural economy.

According to Minister Dele Alake, the sales have refined over 70 kilograms of gold to the London Bullion Market Good Delivery Standard, aggregating locally mined gold and injecting approximately N6bn into the rural economy.

The refined gold will be sold to the Central Bank of Nigeria to bolster foreign reserves, with the potential to enhance fiscal and monetary stability.

Tinubu praised the Ministry for achieving a major milestone in the administration’s drive to diversify the economy, stating that this success demonstrates the effectiveness of the National Gold Purchase Program.

Nigeria has an estimated 600,000 tonnes of gold reserves worth about $45bn, and this initiative aims to harness the country’s gold resources to foster economic confidence, enhance currency stability, and attract foreign investment.

Source: https://rulersworld.com