The Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, has announced the successful delivery of additional responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards to the Central Bank of Nigeria (CBN), raising the nation’s total gold reserves to approximately $3.5 billion.
This was disclosed in a statement issued in Abuja by Idowu Jokpeyibo, Head of Corporate Communications at SMDF.
Speaking at a one-day workshop titled “Strategies to Maximise the Economic Benefits of Minerals in Nigeria,” Shinkafi said the delivery validates the strength of the SMDF’s formalisation framework and supply-chain due diligence processes under the National Gold Purchase Programme (NGPP). She noted that Nigeria launched the initiative ahead of Ghana’s Gold Bullion programme and other regional efforts, positioning the country as a leader in responsible gold reserve management.
The gold was sourced locally and aggregated through the NGPP, which engages artisanal and small-scale miners under a responsible-sourcing framework aligned with OECD Due Diligence Guidelines and the World Gold Council’s London Principles.
CBN Governor Olayemi Cardoso explained that the monetary-grade gold was acquired using Naira, with pricing linked to LBMA benchmarks. He stressed that the structure preserves Nigeria’s foreign exchange while strengthening reserves, adding that central banks worldwide are diversifying into gold amid global economic uncertainty.
Cardoso described the workshop as a demonstration of Nigeria’s commitment to responsible and strategic mineral resource management, highlighting diversification, prudent governance, and resilience as key priorities.
In her remarks, Ms. Kurtuluş Taşkale Diamondopoulos, Director of Central Banks and Public Policy at the World Gold Council, commended the CBN and SMDF for implementing the NGPP in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing.
The workshop, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, brought together stakeholders across the gold value chain to discuss opportunities and challenges in the sector.
Launched in 2020, the NGPP continues to support Nigeria’s external reserve position by enabling the CBN to consistently purchase locally sourced and responsibly refined gold, reducing reliance on foreign exchange and strengthening macroeconomic stability.
By Palma Ileye, Abuja
