Abuja: The Solid Minerals Development Fund (SMDF) announced that Nigeria’s gold reserves have increased to $3.5 billion. Executive Secretary Hajiya Fatima Shinkafi revealed this development in a statement released by SMDF’s Head of Corporate Communications, Mrs. Idowu Jokpeyibo, while highlighting the delivery of additional gold refined to London Bullion Market Association (LBMA) standards to the Central Bank of Nigeria (CBN).
According to News Agency of Nigeria, Shinkafi stated that the gold was locally sourced and aggregated by the SMDF through the National Gold Purchase Programme (NGPP). The Minister of Solid Minerals Development, Dele Alake, previously noted that an additional five million dollars had been added to Nigeria’s foreign reserves through gold transactions. The gold bar was refined by the SMDF to comply with LBMA Good Delivery Standards.
The Executive Secretary emphasized at a workshop on maximizing economic benefits from minerals that this delivery underscores the strength of the SMDF’s formalization framework, which incorporates supply-chain due diligence processes under the NGPP. In February, the SMDF began training staff of the Presidential Artisanal Gold Mining Development Initiative (PAGMI) to reform the gold mining sector, aiming to provide artisanal miners access to markets, promote safer mining practices, and ensure responsible sourcing.
The SMDF’s efforts have demonstrated Nigeria’s capacity to responsibly harness its mineral resources for economic gain. Shinkafi noted that Nigeria initiated this gold purchase program before the Ghana Gold Bullion and other countries, establishing itself as a regional leader in responsible gold reserve management. The program engages artisans and small-scale miners within a responsible-sourcing framework aligned with international guidelines.
The News Agency of Nigeria also reports that the Governor of the CBN, Olayemi Cardoso, commented on the acquisition process, explaining that the monetary-grade gold was purchased using Naira, with pricing linked to LBMA benchmarks. Cardoso highlighted that this structure helps preserve Nigeria’s foreign exchange while bolstering the country’s gold reserves.