Cardoso Advocates Reforms To Unlock Nigeria’s Mineral Potential

The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into Nigeria’s foreign reserves, raising its total gold holdings to $3.5 billion.

The development marks a significant milestone in the apex bank’s reserve diversification strategy and underscores renewed efforts to harness Nigeria’s mineral wealth for macroeconomic stability.

The gold, sourced locally, was aggregated by the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP). The initiative works with local 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.

Speaking at a one-day workshop titled Strategies to Maximise the Economic Benefits of Minerals in Nigeria held on February 27, 2026, CBN Governor, Mr. Olayemi Cardoso, said the apex bank acquired the monetary-grade gold in naira at prices linked to LBMA benchmarks.

He explained that the structure was designed to preserve Nigeria’s foreign exchange holdings while strengthening the country’s gold reserves.

By purchasing domestically refined gold without deploying foreign currency, Cardoso said the transaction enhances reserve accretion and supports broader macroeconomic stability objectives.
He noted that the move reflects major shifts in global reserve management strategies, especially amid rising geopolitical and economic uncertainties.

According to him, gold has regained prominence as a hedge against inflation and volatility, while critical minerals are increasingly shaping global supply chains and advanced industrial development.
Cardoso described the workshop as evidence of Nigeria’s shared commitment to the responsible and strategic management of its mineral resources.

He emphasised that resilience, diversification, and prudent governance have become central pillars of economic management in an evolving global environment.

The governor added that Nigeria’s immense natural and human resource potential can only be fully realised through prudence, strategic coordination, and long-term planning.

He stressed strict adherence to
internationally recognised standards, noting that institutional credibility depends on strong governance frameworks.