Nigeria has achieved a significant milestone in its economic diversification efforts by successfully selling raw gold at the London Bullion Market Association. The Minister of Solid Minerals Development, Dele Alake, announced this achievement on Sunday, celebrating the positive impact it will have on the nation’s economy.

The gold sales have resulted in a $5 million increase in Nigeria’s foreign reserves. This injection of funds contributes to stabilizing the country’s financial position on the global stage.

Over 70 kilograms of gold were refined to the London Bullion Market Good Delivery Standard. Additionally, locally mined gold was successfully aggregated, injecting approximately N6 billion into the rural economy.

The gold bar presented to President Bola Tinubu was sourced from artisanal and small-scale miners. This initiative aims to empower local communities and enhance economic growth.

Nigeria, with an estimated 600,000 tonnes of gold reserves worth about $45 billion, faces challenges due to illegal mining. Efforts to combat this issue include declaring Zamfara State a ‘no-fly zone’ three years ago.

The successful transaction marks the first commercial sale under the National Gold Purchase Program. This program combines centralized offtake with a decentralized network of miners and cooperatives, demonstrating its effectiveness.

President Tinubu commended the Ministry for achieving this milestone, emphasizing its importance in diversifying the economy. The London Bullion Market Good Delivery Standard ensures that Nigeria’s gold meets globally recognized quality standards.