President Bola Tinubu has described the success of the Ministry of Solid Minerals Development reforms as a clear testament to his administration’s economic diversification. He said this while receiving a symbolic gold bar from the Minister of Solid Minerals Development, Dr Dele Alake, in Abuja at the weekend.
“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the President said.
According to a statement by the special assistant on media to the minister, Segun Tomori, Alake said the first commercial gold transaction under the National Gold Purchase Programme (NGPP) increased the country’s foreign reserves assets by $5 million.
He explained that the 70+ kilogramme gold bar, sourced from local artisanal and small gold miners, was refined by the Solid Minerals Development Fund, an agency under the ministry.
The gold bar, he posited was polished to meet the London Bullion Market Association Good Delivery Standard. The minister, who commended President Tinubu for supporting reforms in the solid minerals sector, said that the gold bar would be sold to CBN.
