Dele Alake unveils plan to rescue Nigeria’s economy with gold trade

Nigeria’s Minister of Solid Minerals Development, Dele Alake, has announced a bold and new initiative, the National Gold Purchase Programme (NGPP) aimed at strengthening the naira and boosting the nation’s foreign reserves.

Speaking on Wednesday at the Nigeria Gold Day celebration held during the 10th edition of the Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance,” Alake revealed that the government’s gold-for-naira plan will allow Nigeria to leverage gold a universally accepted store of value as a tool to stabilize the economy.

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According to the minister, gold’s international status as a reliable exchange asset presents a unique opportunity for Nigeria to diversify its reserves and reduce overdependence on foreign currencies.

“Gold is an international currency, acceptable for various exchanges, and Nigeria can leverage this to increase its foreign reserves,” Alake said.

The initiative signals a major shift in Nigeria’s economic strategy, positioning the mining sector at the heart of national wealth creation and currency stability.