Global investors have committed over $2.45 billion to gold mining projects across Africa in the past year—but none of it is coming to Nigeria.
At a time when gold prices are soaring—hitting $3,436.1 per ounce on Monday—countries like Ghana, Tanzania, Ivory Coast, and South Africa are drawing major investments. Meanwhile, Nigeria, despite holding an estimated 754,000 ounces of gold worth about $2.5 billion, remains sidelined.
Since 2020, when the Presidential Artisanal Gold Mining Initiative (PAGMI) was launched, hopes were high for Nigeria to formalise and benefit from its gold sector. But years later, illegal mining still thrives in places like Zamfara, Osun, and Borno. Gold is routinely smuggled out, with reports of it leaving in private jets while local communities remain poor and unpaid.
As other African nations secure funding and scale up production, Nigeria continues to battle insecurity, poor regulation, and political interests that have turned its gold wealth into a private cash stream. Without serious reforms, the country risks missing out on a golden opportunity—again.
