Solid Minerals Development Fund boosts Nigeria’s gold reserves to $3.5bn 

Thu Mar 05 2026

The executive secretary Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, Thursday, announced the successful delivery of additional responsibly sourced-gold refined to London Bullion Market Association (LBMA) to the Central Bank of Nigeria (CBN), boosting the nation’s total gold reserves to $3.5 billion.

Speaking recently at a one-day workshop titled: ‘Strategies to Maximise the Economic Benefits of Minerals in Nigeria,’ Shinkafi said the delivery validates the strength of SMDF’s formalisation framework and supply-chain due diligence processes under the National Gold Purchase Programme (NGPP).

She noted that the programme continues to demonstrate Nigeria’s capacity to responsibly harness its mineral resources for national economic benefit. She stated the move pointed out that 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.

In a statement by Idowu Jokpeyibo, head, Corporate Communications of SMDF, said the gold was sourced locally and aggregated by SMDF through the NGPP, which engages artisanal and small-scale miners within a robust 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, Central Bank of Nigeria, Mr Olayemi Cardoso, stated that the monetary-grade gold was acquired using naira with pricing linked to LBMA benchmarks. He added that the structure preserves Nigeria’s foreign exchange while strengthening the country’s gold reserves.

The governor said purchasing domestically refined gold without deploying foreign currency enhances reserve accretion and supports broader macroeconomic stability objectives, particularly amid heightened global economic uncertainty. He added that central banks globally are increasingly diversifying their reserves in response to geopolitical tensions and market volatility, with gold regaining prominence as a hedge against inflation and systemic risks.

Cardoso described the workshop as a demonstration of Nigeria’s shared commitment to the responsible and strategic management of its mineral resources, stressing the importance of diversification, prudent governance and resilience in an evolving global economy.

In her remarks, the World Gold Council’s director of Central Banks and Public Policy, Ms Kurtuluş Taşkale Diamondopoulos, commended the CBN and SMDF for implementing the Nigerian Gold Purchase Programme in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing.

Source: https://blueprint.ng/