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Nigeria can be another African gold powerhouse
By Oluwatomisin Amokeoja
Forbes / Forbes Africa, Jersey City, New Jersey
Tuesday, October 10, 2023
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 -- resources considered by analysts as part of Nigeria's broader economic strategy to fortify foreign exchange reserves and decrease dependence on oil exports.
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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 dependence on volatile commodities.
As Nigeria celebrates this milestone, there is a growing 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. ...
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