Nigerians Invest in Gold Amid Economic Instability

Nigerians are turning to gold as a stable investment, with prices exceeding $5,000 per ounce, amidst economic instability and currency depreciation. The Central Bank of Nigeria (CBN) is actively promoting local gold production through initiatives like the Nigeria Gold Purchase Program (NGPP) and supporting the Segilola Gold Mine in Osun State.

This shift is particularly notable among women in northern Nigeria, who view gold as a significant asset for financial independence and wealth transfer. The CBN's efforts aim to bolster foreign reserves, estimated to be worth around $3.5 billion by 2026, and attract foreign investment, including a recent $600 million interest from Saudi Arabia in gold and lithium projects.

The Nigerian solid minerals sector has seen a sharp rise in revenue, reaching nearly ₦70 billion in early 2023, as the government implements new regulations to formalize small-scale mining and combat illegal activities.