CESDA HAILS MINISTRY OF MINERAL RESOURCES FOR UNPRECEDENTED ACHIEVEMENT

Commending the Ministry of Solid Minerals and Dr. Dele Alake on the Presentation of Symbolic Gold Bars to President Tinubu

The Center for Economic and Social Development Advocacy (CESDA) extends its commendation to the Ministry of Solid Minerals under the exemplary leadership of Dr. Dele Alake for the recent milestone in Nigeria’s National Gold Purchase Programme (NGPP). This initiative is a significant stride toward strengthening our national economy, diversifying the economy and boosting the value of the naira.

We are pleased to acknowledge Dr. Alake’s recent statement:

“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.

“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.”

— Minister of Solid Minerals, Mr. Dele Alake @Dele Alake

In a statement duly signed by the Executive Director and the director of public communications Mr Famuyibo Oluwasegun and Icon Kadri Olawale respectively, CESDA recognizes the significant economic implications of these achievements. The successful aggregation and refinement of gold not only enhancing our foreign reserves but also bringing the much-needed financial inflow into the foreign reserve and economic activity to our rural communities. The injection of around NGN6 billion into the rural economy underscores the potential for sustainable development and poverty alleviation through effective resource management and local empowerment.

We commend the Ministry of Solid Minerals and all stakeholders involved for their dedication to advancing Nigeria’s economic resilience and sovereignty. The National Gold Purchase Programme stands as a model of how strategic initiatives can lead to tangible improvements in national wealth and local livelihoods.

CESDA looks forward to continued collaboration and support for policies that drive economic growth and social development across Nigeria.