Nigeria has delivered additional locally sourced gold to the Central Bank of Nigeria (CBN) through the National Gold Purchase Programme (NGPP), raising the country’s gold reserves to about $3.5 billion while supporting artisanal miners and strengthening external reserves.
The latest delivery was confirmed by the Executive Secretary of the Solid Minerals Development Fund (SMDF), Fatima Umaru Shinkafi, who said the gold was responsibly sourced from Nigerian miners and refined to meet international bullion standards.
Speaking at a workshop on strategies to maximise the economic benefits of Nigeria’s minerals, Shinkafi said the programme is helping the country convert locally mined resources into national reserves while formalising the activities of artisanal and small-scale miners.
“The successful delivery of additional responsibly sourced gold to the Central Bank of Nigeria demonstrates the strength of our formalisation framework and responsible sourcing system under the National Gold Purchase Programme,” she said.
She explained that the gold supplied to the CBN was refined to meet the standards of the London Bullion Market Association (LBMA), a key global benchmark for precious metals.
According to Shinkafi, the programme connects artisanal miners with formal supply chains while ensuring due diligence, traceability and responsible sourcing.
“The locally sourced gold engaged artisanal and small-scale miners within a responsible sourcing framework aligned with the OECD Due Diligence Guidelines and the World Gold Council’s London Principles,” she said.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the initiative allows Nigeria to strengthen its reserves using domestic resources while reducing pressure on foreign exchange.
He explained that purchasing monetary-grade gold locally and paying in naira helps the country preserve scarce foreign currency.
“Acquiring monetary-grade gold with naira and pricing linked to LBMA benchmarks helps preserve Nigeria’s foreign exchange while strengthening the country’s gold reserves,” Cardoso said.
He added that central banks around the world are increasingly turning to gold as a strategic reserve asset.
According to him, “Central banks globally are diversifying their reserves in response to geopolitical tensions and market volatility, with gold regaining prominence as a hedge against inflation and systemic risks.”
The World Gold Council also commended Nigeria’s approach to responsible gold sourcing.
Director of Central Banks and Public Policy at the World Gold Council, Kurtuluş Taşkale Diamondopoulos, praised the collaboration between the CBN and SMDF in implementing the NGPP.
He noted that the Nigerian programme aligns with the 12 London Principles for responsible artisanal and small-scale gold sourcing, strengthening transparency and accountability across the gold value chain.
The workshop, organised by the CBN’s Corporate Secretariat and Reserve Management Departments, brought together stakeholders across the mining and financial sectors to explore opportunities and challenges in Nigeria’s gold industry.
