• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Monday, June 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home National

Gold programme: Major milestone in Renewed Hope Agenda – Tinubu

Nathaniel Irobi by Nathaniel Irobi
June 23, 2024
in National
0
Gold programme: Major milestone in Renewed Hope Agenda – Tinubu
0
SHARES
4
VIEWS
FacebookTwitterWhatsappEmailTelegram

President Bola Tinubu has commended the Ministry of Solid Minerals Development over the first commercial transaction under the National Gold Purchase Programme (NGPP).

The President said this when he received gold bars sourced from artisanal and small gold miners from Dr Dele Alake, Minister of Solid Minerals Development, on Sunday in Abuja.

RelatedPosts

Abuja Water Shortage Due to Ongoing Rehabilitation – Wike

Tinubu Commissions New Naval Fleet To Boost Maritime Security

Police Launch Tinted Glass Permit Enforcement Today

The News Agency of Nigeria (NAN) reports that the gold was refined by the Solid Minerals Development Fund, an agency of the Ministry.

The programme has delivered 5 million dollars into Nigeria’s foreign reserves and injected about N6 billion into the rural economy.

Tinubu said that the ministry had achieved a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the President said.

Alake, who presented a symbolic gold bar to Tinubu, said the NGPP would increase the country’s foreign reserves and boost the value of the Naira.

The minister also commended the President for supporting reforms in the solid minerals sector.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Programme’s effectiveness.

“It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in dollars, such as gold, is a viable strategy.

“This transaction has also underscored the potential of the National Gold Purchase Programme to enhance fiscal and monetary stability.”

ALSO READ:  Stop misleading public —Zamfara APC Supporters Warns Jaji

Alake said that the over 70 kilograms of gold sold to the London Bullion Market Good Delivery Standard marked a successful aggregation of locally mined gold.

In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Hajiya Fatimah Shinkafi, said that the gold has met the global trade standard.

She said it met the London Bullion Market Good Delivery Standard that is the globally recognised and trusted standard in the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion trade is physically held in London,” she said.

Shinkafi said, through the NGPP, Nigeria had joined countries bolstering their gold reserves by purchasing gold in local currency.

She said this would foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment. (NAN

Tags: Goldmilestone
Nathaniel Irobi

Nathaniel Irobi

Related Posts

Defection: Wike hails Okowa, Gov. Oborevwori’s support for Tinubu

Abuja Water Shortage Due to Ongoing Rehabilitation – Wike

by Nathaniel Irobi
June 1, 2025
0

Minister of the Federal Capital Territory, Nyesom Wike, has attributed the lack of water supply in Abuja City Centre and...

Tinubu Commissions New Naval Fleet To Boost Maritime Security

Tinubu Commissions New Naval Fleet To Boost Maritime Security

by Ojimaojo Abubakar
June 1, 2025
0

President Bola Ahmed Tinubu has commissioned a fleet of advanced naval assets to strengthen the Nigerian Navy’s operational capabilities, marking...

Police Launch Tinted Glass Permit Enforcement Today

Police Launch Tinted Glass Permit Enforcement Today

by Nathaniel Irobi
June 1, 2025
0

The Nigeria Police Force will officially commence enforcement of its reactivated Tinted Glass Permit (TGP) system today, Monday 1st June...

Recommended

Abia: Gov Otti Spends N40 billion to Clear Salary, Pension Arrears

Abia: Gov Otti Spends N40 billion to Clear Salary, Pension Arrears

3 days ago
18 Soldiers and 15 Policemen Detained for Arms Trafficking to Terrorists

18 Soldiers and 15 Policemen Detained for Arms Trafficking to Terrorists

5 days ago

Popular News

  • Arewa group hails Tinubu’s inclusive appointments

    NURTW President Hails Tinubu’s Reforms, Urges Greater Support For Transport Sector

    0 shares
    Share 0 Tweet 0
  • Environment Minister’s Scholarship Beneficiary Tops 2025 UTME In Northern Nigeria With 345 Score

    0 shares
    Share 0 Tweet 0
  • Abuja Estate Firm Announces Customer Loyalty Rewards

    0 shares
    Share 0 Tweet 0
  • NAHCON Officials Grumble in Saudi Arabia Over Unpaid Allowances

    0 shares
    Share 0 Tweet 0
  • Christian Group Seeks Reversal of NBAIS Certificate Recognition

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (719)
  • Education (213)
  • Entertainment (307)
  • Health (187)
  • National (2,063)
  • News (7,731)
  • Opinion (283)
  • Politics (1,564)
  • Science (15)
  • Security (403)
  • Sports (414)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform