West Africa’s Gold Powerhouse With Over $1 Billion In Reserves

Published 4 months ago
By Forbes Africa | Oluwatomisin Amokeoja
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According to Statista’s second-quarter report, Nigeria has secured the sixth spot among the top 10 African countries with the most substantial gold reserves.

At the forefront of West Africa, Nigeria boasts of 21.37 metric tons of gold reserves, valued at $1 billion. A move considered by analysts as part of Nigeria’s broader economic strategy, aiming to fortify foreign exchange reserves and decrease dependence on oil exports.

In recent years, Nigeria has actively increased its gold reserves, signaling a proactive approach to diversify its economic portfolio and navigate the complexities of the global market.


Nigeria’s ascent in the gold reserves ranking reflects a broader trend across the continent, as several African nations seek to capitalize on their natural resources to drive economic growth and reduce dependency on volatile commodities.

As Nigeria celebrates this milestone, there is a growing sense of optimism among citizens and investors alike. Analysts note that the challenge now lies in leveraging these gold reserves to stimulate economic development, create jobs, and foster sustainable growth.

Speaking with FORBES AFRICA, business analyst Liadi Oluwaseyi Jimoh emphasizes the untapped potential of the country’s gold reserves. Jimoh states, “Factors such as a lack of thorough research, a knowledge gap within the industry, corruption, and an overreliance on oil have diverted attention away from exploring and exploiting Nigeria’s gold deposits.”

Jimoh highlights the ranking revelation, challenging the traditional perception of the nation’s resource profile. He notes, “This recognition of Nigeria’s gold reserves presents a promising opportunity for the country’s economy.”


To leverage this potential, Jimoh outlines key measures, stating, “To fully harness the potential of Nigeria’s gold reserves, there is a need for comprehensive research, bridging the knowledge gap, and addressing corruption in the resource sector.” He emphasizes the importance of transparent governance practices and anti-corruption measures.

Moreover, Jimoh stresses the need for diversification, stating, “Reducing overreliance on oil and tapping into gold reserves can provide a more balanced and sustainable economic landscape.” He calles for strategic planning, infrastructure investment, and an enabling environment for the gold mining sector.

Jimoh concludes, “By taking these comprehensive steps, Nigeria can unlock the potential of its gold reserves and contribute significantly to its economic growth and development.” He expresses optimism that the successful development of the gold industry could stimulate related sectors, attract domestic and foreign investment, and improve socio-economic indicators.

An exporter, Oluwaseun Obilana, expressing optimism about Nigeria’s evolving economic landscape to FORBES AFRICA, states, “This achievement is a testament to Nigeria’s commitment to diversifying its revenue streams and fortifying its economic foundation. Gold, being a precious metal with intrinsic value, provides a stable asset that can contribute to the nation’s economic resilience.”


Obilana further emphasizes the importance of prudent management of these newfound resources, urging the government to implement transparent policies to ensure the equitable distribution of benefits derived from the gold reserves.

Obilana remarks, “Nigeria’s rise in gold reserves should not only be a source of national pride but a catalyst for inclusive economic development. It is imperative that the government remains vigilant in its oversight, ensuring that the benefits of this resource wealth reach all corners of the nation.”

The analysts note that the coming months will be crucial as Nigeria navigates the opportunities and challenges that accompany its newfound status among the top gold-holding nations in Africa.