The Solid Minerals Development Fund (SMDF) has successfully delivered approximately $3.5 billion worth of responsibly sourced gold, refined to London Bullion Market Association (LBMA) Good Delivery standards, to the Central Bank of Nigeria (CBN), a move that significantly strengthens the nation’s gold reserves.

Executive Secretary Fatima Umaru Shinkafi said the delivery validates the SMDF’s formalisation framework and supply-chain due diligence under the National Gold Purchase Programme (NGPP).
She noted that the initiative engages artisanal and small-scale miners within a robust responsible-sourcing framework aligned with OECD Due Diligence Guidelines and the World Gold Council’s London Principles.
Speaking at a one-day workshop titled “Strategies to Maximise the Economic Benefits of Minerals in Nigeria,” Shinkafi explained that the programme demonstrates Nigeria’s capacity to harness its mineral resources responsibly for national economic benefit.

She highlighted that Nigeria launched this gold purchase initiative ahead of other countries, including Ghana, positioning the nation as a regional leader in responsible gold reserve management.
The gold, sourced locally and purchased in naira, preserves Nigeria’s foreign exchange while strengthening the country’s reserves.
CBN Governor Olayemi Cardoso emphasized that buying domestically refined gold without deploying foreign currency enhances reserve accretion and supports broader macroeconomic stability, particularly amid global economic uncertainties.

Governor Cardoso noted that central banks worldwide are increasingly diversifying reserves in response to geopolitical tensions and market volatility, with gold regaining prominence as a hedge against inflation and systemic risks.
He described the workshop as a demonstration of Nigeria’s commitment to the strategic and responsible management of its mineral resources.
The workshop provided a platform for engagement with key stakeholders across the gold value chain, highlighting opportunities and challenges in the sector.

Ms. Kurtuluş Taşkale, 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.
Launched in 2020, the National Gold Purchase Programme remains active, with the CBN consistently acquiring locally sourced and responsibly refined gold. The initiative aims to build reserves, reduce reliance on foreign exchange, and strengthen Nigeria’s external reserve position.