Nigerians Demand Evidence and Transparency in NNPC Gold Refining N6bn into Economy Claims


Nigerians Demand Evidence and Transparency in NNPC Gold Refining Claims

Thank you for reading this post, don't forget to subscribe!

The Minister of Solid Minerals Development, Dele Alake, announced that over 70kg of gold sourced in Nigeria has been refined for export, adding more than $5 million to the nation’s foreign reserves. However, Nigerians are calling for evidence and transparency regarding these claims.

Alake stated that this transaction marks the first commercial activity under the National Gold Purchase Program (NGPP), a centralized offtake scheme supported by a decentralized network of artisanal and small-scale miners. He made this announcement while presenting refined gold bars to President Bola Ahmed Tinubu over the weekend, according to a statement by Segun Tomori, the minister’s special assistant on media.

Alake presented the gold, refined by the Solid Minerals Development Fund to meet the London Bullion Market Association Good Delivery Standard, to President Tinubu. The refined gold is intended to be sold to the Central Bank of Nigeria to bolster foreign reserves.

“Alake said the first commercial transaction has delivered over $5 million increase in Nigeria’s foreign reserves assets, 70+ kilograms of gold refined to the London Bullion Market Good Delivery Standard, and successful aggregation of locally mined gold, thereby injecting about NGN6 billion into the rural economy,” Tomori’s statement revealed.

While commending President Tinubu for supporting reforms in the solid minerals sector, Alake assured that the National Gold Purchase Program will increase the country’s reserves and boost the naira’s value. He emphasized that this first transaction under the NGPP demonstrates its effectiveness and the potential to enhance fiscal and monetary stability.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness,” he said. “It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy.”

President Tinubu praised the Ministry for achieving a major milestone in diversifying the economy. “This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the president stated.

Fatima Shinkafi, the executive secretary of the Solid Minerals Development Fund, explained that the London Bullion Market Good Delivery Standard is a globally recognized and trusted standard that enables global trade in gold and silver bars. She noted that through the efforts of the NGPP, Nigeria has joined a select group of countries bolstering their gold reserves by purchasing gold in local currency to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.

Despite these optimistic announcements, many Nigerians are demanding clear evidence and transparency regarding the specifics of these transactions and their real impact on the economy.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:



More like this

Airlines’ Blacklist Allegation Inaccurate, Maligning – Operators

July 18, 2024. Azonuchechi Chukwu. The Airline Operators of Nigeria (AON)...

Nigeria Sets Minimum Wage at $50 Per Month with Three-Year Review Cycle

After six months of intense negotiations, the federal government...

South Africa Introduces Five-Year Multiple Entry Visa for Nigerian Business Travelers

South Africa has launched a five-year multiple entry visa...

Nigeria’s Tinubu Sets New Minimum Wage at $43.015 Per Month

President Bola Tinubu has established a new minimum wage...
× How can I help you?