Where to Buy Gold in Lagos: Top Markets for Serious Buyers

Gold is quietly becoming one of Nigeria’s favorite ways to protect wealth. With inflation rising and the naira losing value, many Nigerians are turning to gold as a safe and stable store of value.

Unlike cash, gold doesn’t lose its worth overnight. It’s easy to buy, sell, or even pass down to the next generation, making it a trusted form of savings for investors and families alike.

In October 2025, the global gold price climbed above $4,250 per ounce, representing a 58% year-on-year increase. This surge shows just how valuable gold has become as a hedge against Nigeria’s economic instability.

Why Nigerians Are Buying More Gold

1. Protection from Inflation: Gold preserves purchasing power when the naira weakens.
2. Liquidity: It’s easy to resell gold when you need cash quickly.
3. Generational Wealth: Gold can be gifted or inherited easily without complex legal processes.
4. Investment Diversification: It’s a smart way to balance risk if you already invest in real estate, crypto, or stocks.

With Lagos now serving as the heart of Nigeria’s growing gold trade, knowing where to buy authentic gold is essential — whether you’re purchasing for savings, resale, or collection.

Top 5 Places to Buy Gold in Lagos

Below are some of the most trusted locations for gold buyers, from investment bars to elegant jewelry pieces.

1. Allen Avenue, Ikeja

Allen Avenue, often called the Dollar Market, is one of Lagos’s busiest commercial hubs. The road connects Obafemi Awolowo Way, Opebi Road, and Adeniyi Jones, creating a vibrant corridor of trade and finance.

Nearby Alade Market is famous for its gold dealers and jewelry traders. You’ll find sellers offering 24-karat gold bars, bangles, rings, and chains, both new and pre-owned.

Aside from gold, the area hosts several banks, currency exchange offices, boutiques, and electronic shops, making it easy to handle transactions safely and conveniently.

Tip: Always request a purity test certificate when buying gold in Allen Avenue to confirm authenticity.

2. Balogun Market, Lagos Island

Balogun Market is one of West Africa’s largest trading centers and a hotspot for gold and precious jewelry. Here, buyers can find Saudi, Italian, and Dubai-style gold jewelry at competitive prices.

Because of its size and reputation, Balogun attracts both local traders and international wholesalers, making it ideal for those who want to buy in bulk or negotiate better deals.

3. Tejuosho Market, Yaba

Tejuosho is not only known for fashion but also for its growing number of gold merchants. If you’re looking for affordable gold ornaments or lightweight investment pieces, Tejuosho Market is worth visiting.

The traders here offer flexible payment options and often give discounts on bulk purchases, which makes it perfect for small-scale resellers.

4. Trade Fair Complex, Badagry Expressway

The Trade Fair Complex has earned a strong reputation for housing trusted gold wholesalers and bullion dealers. It’s a good spot for those looking to buy gold bars, coins, or investment-grade jewelry directly from verified importers.

Because most traders operate within secure sections, buyers can complete large transactions safely. It’s also easier to compare prices between different dealers in one visit.

5. Lekki and Victoria Island Boutiques

If you prefer a premium shopping experience, head to Lekki or Victoria Island, where top luxury jewelry brands and private dealers operate. These stores sell custom-designed gold ornaments, engagement rings, and high-purity gold coins.

While prices may be higher than in traditional markets, you’re guaranteed authenticity, certification, and after-sales service, which matters if you’re investing substantial amounts.

How to Buy Gold Safely in Lagos

To avoid scams or counterfeit products, follow these expert tips:

• Buy only from verified dealers or shops with physical addresses.
• Request purity certificates and check hallmark stamps before payment.
• Use digital payment channels for traceable transactions.
• Avoid street hawkers selling gold at suspiciously low prices.
• Monitor gold prices daily through trusted financial websites before making a purchase.

Gold investment in Nigeria is no longer just for the rich. With small bars and jewelry starting from a few grams, almost anyone can begin building wealth through gold.

Whether you’re walking through Allen Avenue, shopping at Balogun, or visiting high-end boutiques in Lekki, Lagos offers endless opportunities for anyone ready to buy genuine gold.

In an economy where inflation keeps rising, holding a piece of gold might just be your smartest financial decision this year.