Economy
Nigeria’s Gold Holdings Rise to $3.5bn as CBN Diversifies Reserves
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) said it has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves, as part of its reserves diversification strategy.
The gold, sourced in Nigeria and aggregated by the Solid Minerals Development Fund (SMDF) through the National Gold Purchase Programme (NGPP), brings the CBN’s total gold holdings to $3.5 billion.
According to the CBN, the programme involves local miners and operates 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 the one-day Workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria, the Governor of the apex bank, Mr Yemi Cardoso, disclosed that the lender acquired the monetary-grade gold in Naira at pricing linked to LBMA benchmarks, a structure designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves.
By purchasing domestically refined gold without deploying foreign currency, he said, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives. Highlighting major shifts in global reserve management strategies, the CBN Governor noted their increasing importance amid rising global economic uncertainties.
He described the event as a reflection of Nigeria’s shared commitment to responsible and strategic management of its mineral resources. He emphasised that the workshop underscores the nation’s readiness to adapt to the realities of an evolving global economy, where resilience, diversification, and prudent governance have become increasingly vital.
He further explained that the session, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, was designed to create a structured platform for engagement with key players in the gold sector and to deepen understanding of the industry’s current landscape, opportunities, and challenges across its value chain.
The governor noted that central banks around the world are prioritising economic resilience amid persistent geopolitical and market uncertainties.
He said gold has regained importance as a hedge against inflation and volatility, while other critical minerals are increasingly shaping global supply chains and advanced industrial development
Mr Cardoso emphasised that Nigeria’s immense natural and human resource potential can only be fully realised through prudence, strategic coordination, and long-term planning. He highlighted the need for strict adherence to internationally recognised standards, stressing that institutional credibility depends on strong governance frameworks.
On her part, the Executive Secretary of the Solid Minerals Development Fund (SMDF), Mrs Fatima Umaru Shinkafi, highlighted that the successful delivery of LBMA standard gold demonstrates the strength of the organisation’s formalisation framework and supply chain due diligence processes.
The World Gold Council’s Director of Central Banks and Public Policy, Ms Kurtulus Taskale Diamondopoulos, commended both the CBN and SMDF for designing the Nigerian Gold Purchase Programme (NGPP) in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing.
She noted that the partnership between the CBN as sole off-taker and the SMDF as fiscal and supply chain manager offers a strong model for other countries seeking to strengthen similar programmes.
The President and CEO of the Africa Finance Corporation (AFC), Ms Samaila Zubairu, reaffirmed AFC’s commitment to financing and formalising Nigeria’s mineral sector, stressing the importance of accurate data and mineral processing infrastructure to attract investment, improve gold recovery, reduce environmental impact and support central bank purchases.
Also speaking, the Executive Vice Chairman of Kian Smith Gold Company, Ms Nere Emiko, underscored the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges, noting the country’s low reserve levels relative to peers and calling for greater investment in exploration and transparency.
The Domestic Gold Purchase Programme forms part of the central bank’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
By Aduragbemi Omiyale
Dangote Cement Plc has cemented its position as Africa’s leading cement exporter by growing its cement and clinker exports from Nigeria by 71.6 per cent in the first quarter of 2026.
In its unaudited results released to the Nigerian Exchange (NGX) Limited, the cement manufacturer said its total installed production capacity has reached 55 million tonnes per annum (MTA) across Africa.
The company operates 35.25MTA capacity in Nigeria, where its Obajana plant in Kogi State—the largest in Africa—has 16.25MTA capacity across five lines. The Ibese plant in Ogun State has 12MTA, the Gboko plant in Benue State has 4MTA, while the Okpella plant in Edo State has 3MTA.
It was revealed that 10 clinker shipments were taken from Nigeria to neighbouring markets in the period under review, boosting the total sales volumes by 13.8 per cent year-on-year, driven by growth of 11.5 per cent in Nigeria and 19.5 per cent across its pan‑African operations.
It was observed that revenue was up by 20.4 per cent year‑on‑year to N1.198 trillion, driven by a strong rebound in volumes, which grew 13.8 per cent across our markets, while EBITDA increased by 22.8 per cent to N567.1 billion, demonstrating the strength of our operating model, disciplined cost control, and our ability to convert growth into superior profitability.
Between January and March 2026, the cement maker posted a profit before tax of N421.1 billion, representing a 35 per cent increase from N311.9 billion recorded in the corresponding period of 2025, while earnings per share rose to N19.14, up from N12.29, underscoring sustained value creation for shareholders.
In his remarks, the chief executive of Dangote Cement, Mr Arvind Pathak, said the results reflected the strength of the company’s operating model and its disciplined execution across markets.
“Our export business continues to scale rapidly, with volumes from Nigeria up 71.6 per cent and 10 clinker shipments completed in the quarter. This performance reinforces our strategic position as Africa’s leading cement exporter,” he said.
“Following the commissioning of our 3Mta grinding plant in Côte d’Ivoire, we are progressing well with our expansion projects in Itori and Ethiopia, alongside other growth initiatives across the continent. These investments will further strengthen our footprint and keep us firmly on track to reach 80Mt of production capacity by 2030,” he added.
Looking ahead to the rest of the year, Mr Pathak expressed confidence in the company’s growth outlook.
“We have entered the year with strong momentum and a clear strategic focus. Demand across our markets remains resilient, our expansion pipeline is delivering, and our operational discipline continues to drive margin improvement. We remain confident in sustaining this growth trajectory and in consistently delivering long‑term value to our shareholders,” he stated.
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