Nigeria has recorded a commercial transaction of raw gold sales at the London Bullion Market Association, the Minister of Solid Minerals Development, Dele Alake disclosed on Sunday.
He said the sales have delivered a $5m increase in Nigeria’s foreign reserves, 70 plus kilograms of gold refined to the London Bullion Market Good Delivery Standard and successful aggregation of locally mined gold thereby injecting about N6bn into the rural economy.
Alake disclosed this while presenting the latest gold bar sourced from artisanal and small gold miners and refined by the Solid Minerals Development Fund to President Bola Tinubu during the weekend.
The minister in a statement signed by the Special Assistant on Media, Segun Tomori, said the refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves.
