ABUJA: Nigeria’s gold reserves have risen to about $3.5 billion, the Solid Minerals Development Fund (SMDF) has disclosed, following the delivery of additional locally sourced gold refined to international standards to the Central Bank of Nigeria (CBN).
The Executive Secretary of the SMDF, Hajiya Fatima Shinkafi, announced the development while confirming the latest delivery of responsibly sourced gold refined to the London Bullion Market Association (LBMA) Good Delivery standards.
In a statement issued on Thursday in Abuja by the fund’s Head of Corporate Communications, Mrs Idowu Jokpeyibo, Shinkafi said the gold was sourced locally and aggregated through the National Gold Purchase Programme (NGPP).
She noted that the latest delivery validates the strength of the SMDF’s framework for formalising the gold sector, including supply-chain due diligence processes embedded in the NGPP.
Shinkafi made the remarks at a recent workshop titled “Strategies to Maximise the Economic Benefits of Minerals in Nigeria.”
She said the initiative demonstrates Nigeria’s capacity to responsibly harness its mineral resources for economic growth.
Earlier, the Minister of Solid Minerals Development, Dele Alake, had disclosed in 2024 that about $5 million had been added to Nigeria’s foreign reserves through gold transactions under the programme.
According to the minister, the gold bars were refined by the SMDF to meet the LBMA Good Delivery standards.
The SMDF began its 2026 training programme in February for staff of the Presidential Artisanal Gold Mining Development Initiative (PAGMI) to deepen reforms in the gold mining sector.
The initiative aims to provide artisanal miners access to formal markets through the NGPP, promote safer and more efficient mining practices and ensure responsible sourcing of gold.
Shinkafi said that Nigeria launched the gold purchase initiative ahead of several African countries, positioning the nation as a regional leader in responsible gold reserve management.
“Nigeria launched this gold purchase initiative ahead of the Ghana Gold Bullion and other countries, positioning the nation as a regional leader in responsible gold reserve management,” she said.
She explained that the programme engages artisanal and small-scale miners within a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidelines and the World Gold Council’s London Principles.
The Governor of CBN, Olayemi Cardoso, said that the monetary-grade gold was acquired using the naira, with pricing linked to LBMA benchmarks.
Cardoso noted that the arrangement helps preserve Nigeria’s foreign exchange, while strengthening the country’s gold reserves.
