President Bola Tinubu has commended the Ministry of Solid Minerals Development for achieving a significant milestone with the first commercial transaction under the National Gold Purchase Programme (NGPP). The ministry’s accomplishment was highlighted when Dr. Dele Alake, Minister of Solid Minerals Development, presented gold bars sourced from artisanal and small gold miners to the President on Sunday in Abuja.
### Key Highlights:
– **Economic Impact:** The NGPP has delivered $5 million into Nigeria’s foreign reserves and injected approximately ₦6 billion into the rural economy.
– **Diversification Efforts:** Tinubu lauded the achievement as a concrete step towards diversifying Nigeria’s economy, aligning with the administration’s Renewed Hope Agenda.
– **Boosting Foreign Reserves:** The programme aims to increase the country’s foreign reserves and strengthen the value of the Naira by using local currency to purchase gold, a liquid asset traded in dollars.
– **Standard Compliance:** The gold refined by the Solid Minerals Development Fund met the London Bullion Market Good Delivery Standard, ensuring it is globally recognized and trusted for trade.
– **Fiscal and Monetary Stability:** The transaction demonstrates the potential of the NGPP to enhance fiscal and monetary stability in Nigeria.
### Statements:
– **President Bola Tinubu:** Praised the ministry’s milestone as part of the diversification strategy and the Renewed Hope Agenda.
– **Minister Dele Alake:** Highlighted the effectiveness of the NGPP in boosting foreign reserves and supporting economic reforms in the solid minerals sector.
– **Executive Secretary Hajiya Fatimah Shinkafi:** Confirmed that the gold met global trade standards and emphasized the benefits of purchasing gold in local currency to bolster economic confidence and attract foreign investment.
This development signifies a positive step towards leveraging Nigeria’s mineral resources to diversify the economy and strengthen fiscal stability.