Nigeria Announces First Commercial Gold Transaction, Injects Over $5Million Into Economy

Minister of Solid Minerals Development, Dele Alake, has announced Nigeria’s first gold commercial transaction under the National Gold Purchase Program (NGPP).

It is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives, Alake said in a post on his X account on Sunday.

He said, “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.”

Native Reporters