Nigeria’s Gold Reserves Increases To About $3.5b

The Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, says Nigeria has delivered additional responsibly sourced gold refined to the London Bullion Market Association (LBMA) and Good Delivery standards to the Central Bank of Nigeria (CBN), raising the country’s gold reserves to about $3.5 billion.

Speaking at a one-day workshop on “Strategies to Maximise the Economic Benefits of Minerals in Nigeria,” Shinkafi said the development reflects the effectiveness of the National Gold Purchase Programme (NGPP) in strengthening Nigeria’s mineral value chain.

She noted that the programme provides a structured framework for aggregating and refining locally sourced gold while ensuring compliance with international responsible-sourcing standards.

According to her, Nigeria’s approach places the country ahead of several African peers in institutionalising responsible gold sourcing and reserve management, positioning it as a regional leader in harnessing mineral resources for economic growth.

The gold was sourced locally through artisanal and small-scale miners and aggregated under the NGPP, with due diligence processes aligned with the guidelines of the Organisation for Economic Co-operation and Development (OECD) and the responsible sourcing principles of the World Gold Council.

Governor of the CBN, Olayemi Cardoso, explained that the monetary-grade gold was purchased using the Naira, with pricing tied to LBMA international benchmarks.

He said the arrangement helps conserve Nigeria’s foreign exchange while strengthening the country’s external reserves.

Cardoso noted that acquiring domestically refined gold without deploying foreign currency supports reserves accretion and contributes to macroeconomic stability, especially amid global economic uncertainties.

He added that many central banks are increasingly diversifying their reserves due to geopolitical tensions and market volatility, with gold regaining prominence as a hedge against inflation and systemic risks.

Also speaking, the Director of Central Banks and Public Policy at the World Gold Council, Ms. Kurtuluş Taşkale Diamondopoulos, commended the CBN and SMDF for implementing the Nigerian Gold Purchase Programme in line with the London Principles for responsible artisanal and small-scale gold sourcing.

The workshop, organised by the CBN’s Corporate Secretariat and Reserve Management Departments, brought together stakeholders across the gold value chain to examine policy strategies for maximising the economic benefits of Nigeria’s mineral resources.

The National Gold Purchase Programme, launched in 2020, enables the CBN to buy locally sourced and responsibly refined gold to strengthen reserves, reduce reliance on foreign exchange, and support Nigeria’s broader economic diversification agenda.

Georgina Humphrey, Edited By Grace Namiji