Nigeria's Gold Reserves Reach $3.5 Billion Amid Initiatives

On Thursday, Hajiya Fatima Umaru Shinkafi, the Executive Secretary of the Solid Minerals Development Fund (SMDF), announced that Nigeria's gold reserves have reached $3.5 billion. This achievement is attributed to the Nigerian Gold Purchase Program (NGPP), which aims to formalize the gold supply chain and ensure due diligence in sourcing.

The program has been recognized for its capacity to engage artisan and small-scale miners, aligning with OECD guidelines and the World Gold Council's London Principles. Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), emphasized that the acquisition of gold will be linked to the LBMA benchmark and will not require foreign currency, thereby enhancing Nigeria's foreign exchange reserves.

The initiative is part of a broader strategy to diversify reserves amid global economic uncertainties. Ms. Kurtulu Ta Kale Diamondopoulo from the World Gold Council commended the CBN and SMDF for their commitment to responsible management of mineral resources.