Reported by: Ijeoma G | Edited by: Henry Owen
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has unveiled the National Gold Purchase Programme (NGPP), a strategic initiative designed to strengthen the naira and enhance the nation’s foreign reserves.
The announcement was made on Wednesday during the Nigeria Gold Day Celebration, part of the 10th edition of Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance.”
Minister Alake explained that the gold-for-naira plan will enable Nigeria to leverage gold, a universally accepted store of value, as a tool to stabilize the economy. He highlighted that gold’s status as a reliable international exchange asset offers a significant opportunity to diversify reserves and reduce overdependence on foreign currencies.
“Gold is an international currency, acceptable for various exchanges, and Nigeria can leverage this to increase its foreign reserves,” Alake stated, emphasizing the programme’s potential to position the mining sector at the center of national wealth creation and currency stability.
The initiative marks a strategic shift in Nigeria’s economic policy, reinforcing the government’s commitment to using the country’s natural resources to drive sustainable growth and strengthen the naira.
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