"Nigeria's Gold Bars Are Ready To Be Sold To CBN To Strengthen Naira" - Dele Alake (Economy)


For decades since 1960's Independence, Nigeria has been famed for being solely dependent on crude oil for it's sustenance. But as the world is gradually becoming less reliant on crude oil, it's crucial for the country to harness it's powerful but untapped rich deposits of solid minerals. 

This is why the recent revelation by Dr. Dele Alake, Nigeria's minister of Solid minerals development, is heartwarming. Today, Dr. Alake presented symbolic gold bars to President Bola Tinubu in a symbolic ceremony at the Aso Rock, Abuja.

“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,," Alake said.


Going further, the minister said, "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."


In a moment of profound paradigm shift from Nigeria's mono-economuc tendencies, Alake said 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. This has led to injection of around N6 billion into the rural economy”.
Indeed, this a historical moment when a country's National Gold Purchase programme has increase the country's reserves and boost naira's value, leading to massive billions of naira in earnings for Nigeria.

Comments

Post a Comment

Popular posts from this blog

Wiz Khalifa Makes Fresh Baby News (Entertainment)

American rapper, Wiz Khalifa is one American rapper who has made a name for himself in the music industry as a cool, easy going star who shun any form of drama but is full of surprises. When he met and married model Amber Rose, it took everyone by surprise. Moreso, when before people knew he was dating Rose, she was pregnant. And just as we are grappling with that information, they made it official and got married. Their son, Sebastian Bash, was born soon afterwards. They led a very public life with regular appearances on red carpets, award ceremonies and industry events. Following their divorce however, Khalifa went back to living a near reclusive life. He is rarely seen in public apart from when he's on stage. He does not attend red carpet events, clubs, parties or events that he grew accustomed to while married to Rose. He steers clear of controversy too. And no one knows anything about his love life. So, it is a pleasant surprise to hear Khalifa doing it the Khalifa way as he ...
Read more

President Tinubu's Actions To Reduce Hardship in Nigeria As Revealed in Today's National Broadcast (Nigeria & Economy)

Image
  The key highlights of the economic measures by President Tinubu as annoinced in the national broadcast to the #endbadgovernance protesters are: "In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to...over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023, due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience." "...From a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes." "More financial freedom and the room to sp...
Read more

BREAKING: Nig's House of Reps Members Donate Half Of Salary To Cushion Economic Hardship Effects on Nigerians (Politics)

Image
         Just now, Speaker Tajudeen Abbas of the federal House of Representatives struck the gavel to pass a motion for House members to donate half of their salaries to cushion economic hardship in the country as an addition to efforts by the Tinubu government to address the situation.             Speaker Tajudeen Abbas This follows a motion of urgent national importance raised on the subject by Hon. Ayokunle Isiaka, representing  Ifo/Ewekoro federal constituency of Ogun state, whilst appealing to Nigerian youth to suspend planned protests against the situation. He raised the motion, while passionately appealing to the youth to exercise restraints because the Tinubu administration, aided by the lawmakers, are doing all in its power to ameliorate the situation.  Depity Speaker B enjamin Kalu  Deputy Speaker, Rt. Hon. Ben Okezie Kalu, representing Bende federal constituency of Abia, commended Him. Ayokunle Isiaka ...
Read more