Gold has increasingly become one of Nigeria’s most reliable hedges against economic instability. As inflation rises and the naira continues to lose value, more Nigerians are turning to gold as a secure way to store their wealth.
Unlike real estate or stocks, gold is easy to buy, sell, or pass down, and it retains its value far better than cash.
According to a report by Nairametrics, Where to buy gold in Lagos: 5 markets every buyer should know – Nairametrics, the price of gold surged to over US$4,250 per ounce in October 2025, marking an increase of about 58% year-on-year.
This surge reflects a growing national interest in the precious metal, with Lagos emerging as the centre of Nigeria’s gold trade. For many, gold has become a form of savings, something tangible to hold onto when times get tough.
Some Lagos residents keep it for long-term security, while others trade it for profit. In both cases, the motivation remains the same, protecting value through something solid and enduring.
For those in Lagos looking to buy gold, knowing where to go is just as important as knowing why to invest. The city is home to a range of markets and dealers offering everything from investment-grade gold bars to fine jewelry pieces.
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According to Nairametrics, some of the top gold-buying spots in Lagos are Popo Plaza, Tejuosho Ultra Modern Shopping Complex, Egbeda Market, Aguda Shopping Complex, and Allen Road in Ikeja.
Allen Road, one of the busiest commercial areas in Lagos, stands out as a major trading hub. Often referred to as the “Dollar Market” due to the high volume of foreign currency transactions, it stretches from Obafemi Awolowo Way through Opebi Road and Adeniyi Jones to Allen Roundabout. Nearby lies Alade Market, another hotspot where gold bar traders and jewelry dealers operate.
By day, Allen Avenue bustles with activity, filled with banks, offices, retail stores, restaurants, and service businesses. Its strategic location and modern office spaces make it attractive to companies, while traders along the road cater to both local and international buyers.
The area features a mix of vendors dealing in gold jewelry, chains, bangles, and rings among them. Some stores specialize in brand-new gold pieces, while others buy old jewelry, refurbish, and resell them.
With Lagos positioned at the forefront of Nigeria’s gold market, these trading spots have become essential destinations for buyers seeking both investment opportunities and elegant ornaments.
As more Nigerians view gold as both a savings plan and a profitable venture, the city’s role in shaping the nation’s gold economy continues to grow.
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Image Credit: Nairametrics
