Goodnewsforlife:
y can’t u igbos just see good in everything

I know if it’s bad news u will b happy n running around like a castrated kangaroo

Why can't nairaland ban all these ethnic narratives?

LOL

DeLaRue:
This guy is actually one of the best ministers in this administration.

He is facing down illegal mining cabals while bringing in tangible reforms the like of which this country has never seen in the mining sector.

News that Nigeria now has a National Purchase Program for gold, and that we have for the first time been able to sell mined gold officially of the value of $5m is significant.

This is one of the reasons I believe some of the reforms this government is making marks this government as the best government we have had in a very long time.

Yes, they have not yet been successful in some areas, but I am very hopeful that by year 3 or so of this government, many of the reforms will be manifesting their efficacy.

Nigeria's economic turn around is on the horizon.

Chinkoalhaji34:
Tinubus unwavering leadership and strategic economic decisions will continue to drive Nigerias growth and prosperity.

Hmmm; o- well, I guess if a leader is held responsible for all of a nation's failures, it is only fare if he is held responsible for all the nation's successes.

They will loot the proceed and share it between themselves. Politicians and political appointees.

DeLaRue:


When we started exporting oil in the 1960's, it was a very small amount.

Today, oil is earning Nigeria billions.

As for gold, this is the start. Though gold may never earn billions annually, but over the coming years, the figure will start rising exponentially.

Give this government credit for at least wrestling our gold from the claws of illegal miners. No government in the history of Nigeria has achieved this.

One thing about Mr Tinubu is that he is bold. Very bold. Every government before his tried to have some control over rampant illegal mining. None succeeded.

You have to go to the 1960s. Nigeria is exporting between $2-4 billion of Gold to the Middle -East, the problem is that all that Gold is smuggled by Nigeria politicians and big men. Tinubu needs to beef up the security architecture to protect the mines and logistics

More money to steal.

what is there to celebrate?is it not to be looted as usual?

Chikel20000:
u guys should b ashamed of urselves

Mad people are not ashamed na,

BeeBeeOoh:


https://punchng.com/tinubu-celebrates-as-nigeria-sells-gold-injects-5m-into-economy/

We sabi the format na.
$5m for public hearing
$5m for pocket management.

Abeg when rice, tomato, pepper, garri go come down

Goodnewsforlife:
y can’t u igbos just see good in everything

I know if it’s bad news u will b happy n running around like a castrated kangaroo

My friend Bleep tribalism. What is 5 billion naira to Nigerias economy. You people should stop celebrating nonsense.

BeeBeeOoh:


https://punchng.com/tinubu-celebrates-as-nigeria-sells-gold-injects-5m-into-economy/

Congratulations.. and weldone mr Alake

Ojuntana:
5m dolls is too small to rejoice about. Fx weekly turnover is in 100s of millions

At least its a start.. Lets celebrate small achievements alright.

Good

commoditiesnig:

At least its a start.. Lets celebrate small achievements alright.

Toh. Where's the party

chido20:
Nyben

NJHZRA

MORE TREASURES TO BE LOOTED

Ojuntana:
5m dolls is too small to rejoice about. Fx weekly turnover is in 100s of millions

I have to agree. $5m? I’m 2024? They better go-support Dangote so his refinery can really help our output.

Goodnewsforlife:
Good one

At least slow n steady wins d race, gradually we will regain all we lost with patience n perseverance

Our crying billionaires are out again, they won’t b happy with this since it’s not a sad news or something they can masturbate about

But just tell them something bad happens then their food don land

I no mention names ooo but observe those who will quote n attack me

Baba no be will attack you. Enjoy ur drughie in oeace sir.

After d northern illegal gold cabals has sold $5bn of gold for themselves,this clueless gornment want us to celebrate over $5m of gold sale.no be foolishness be that?

BeeBeeOoh:

Nigeria has recorded a commercial transaction of raw gold sales at the London Bullion Market Association, the Minister of Solid Minerals Development, Dele Alake disclosed on Sunday.

He said the sales have delivered a $5m increase in Nigeria’s foreign reserves, 70 plus kilograms of gold refined to the London Bullion Market Good Delivery Standard and successful aggregation of locally mined gold thereby injecting about N6bn into the rural economy.

Alake disclosed this while presenting the latest gold bar sourced from artisanal and small gold miners and refined by the Solid Minerals Development Fund to President Bola Tinubu during the weekend.

The minister in a statement signed by the Special Assistant on Media, Segun Tomori, said the refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves.

Nigeria reportedly has about 600,000 tonnes of gold reserves, worth about $45bn located in several states including Zamfara, Edo.

However, the upsurge of illegal mining has led to a notable diversion of the nation’s commonwealth into the hands of private individuals, thereby diminishing resources intended for public benefit.

Three years ago, former president Muhammadu Buhari declared Zamfara State a ‘no-fly zone’ as part of efforts to curb the problem of illegal gold mining.

At the event, Alake commended Tinubu for supporting reforms in the solid minerals sector, assuring that the National Gold Purchase programme will increase the country’s reserve and boost the naira’s value.

Explaining to President Tinubu the significance of the event, Alake said it marked the first commercial transaction under the National Gold Purchase Program, the centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

He said, “The successful completion of the first commercial transaction demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Receiving and displaying a symbolic bar, Tinubu commended the Ministry for achieving a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the President said.

In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi said the London Bullion Market Good Delivery Standard is the globally recognised stringent and trusted standard that enables the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London” she said.

Shinkafi said, that through the efforts of the National Gold Purchase Program under the Ministry of Solid Minerals Development, Nigeria has joined a select group of countries bolstering their gold reserves by purchasing gold in local currency to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.

https://punchng.com/tinubu-celebrates-as-nigeria-sells-gold-injects-5m-into-economy/

That's impressive.

NOW, more gold bars can be bought and stored as part of Nigeria's reserves. This is what many countries around the world such as Australia, China, India, Russia, Saudi Arabia, etc, are doing to STRATEGICALLY shore up their external reserves instead of selling all their mined unrefined gold nuggets or allowing illegal miners to hijack the mining sites.

Lol.. as if the teeming Nigerians masses going to benefit anything from the gold sales. All the oil and gas, whats the benefit? Who benefit? Only the politicians; having billion of dollars properties all over abroad. The Nigerian masses wallow in abject poverty. Nigeria is a country for the politicians and their families and their unborn generations. So the gold is for them