By Seun Ibiyemi
Nigeria’s gold reserves have risen to about $3.5 billion following the delivery of additional locally sourced and refined gold to the Central Bank of Nigeria (CBN), the Solid Minerals Development Fund (SMDF) has announced.
The Executive Secretary of the fund, Fatima Shinkafi, disclosed this while confirming that the latest batch of gold refined to the London Bullion Market Association (LBMA) Good Delivery standards had been delivered to the apex bank.
According to Shinkafi, the gold was sourced locally and aggregated through the National Gold Purchase Programme (NGPP), a government initiative designed to formalise the gold mining sector and strengthen Nigeria’s mineral-based revenue.
She explained that the delivery underscores the effectiveness of the SMDF’s formalisation framework, including supply chain due diligence processes implemented under the programme.
Read also:CBN boosts reserves with $3.5bn LBMA-standard gold
The development comes amid broader reforms in the solid minerals sector led by the Minister of Solid Minerals Development, Dele Alake. In 2024, the minister disclosed that about $5 million had already been added to Nigeria’s foreign reserves through gold transactions.
Shinkafi spoke at a recent workshop on strategies to maximise the economic benefits of minerals in Nigeria, noting that the programme demonstrates the country’s capacity to responsibly harness its mineral resources for economic growth.
“Nigeria launched this gold purchase initiative ahead of the Ghana Gold Bullion programme and several other countries, positioning the nation as a regional leader in responsible gold reserve management,” she said.
The SMDF also recently commenced its 2026 training programme for staff of the Presidential Artisanal Gold Mining Development Initiative (PAGMI), aimed at strengthening reforms in the artisanal gold mining sector.
The initiative seeks to improve miners’ access to markets, promote safer and more efficient mining practices, and ensure responsible sourcing of gold.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the monetary-grade gold was purchased using the naira, with prices benchmarked against LBMA standards.
Cardoso explained that the structure helps preserve Nigeria’s foreign exchange while strengthening the country’s gold reserves and boosting financial stability.
