How do I invest in Gold in Nigeria? Like stock trading and other investment, you can invest in Gold in Nigeria with little capital. All you need is to know how and where to invest your money into.
Is Gold a good investment in Nigeria?
Gold is one of the malleable precious metals stones that can never be out of fashion. This is the reason why most people invest in Gold especially during the recession and a bad economy to preserve their money. Gold is valuable and it keeps appreciating with time. They are used in the production of several jewelry, gadgets, Offices, home appliances, and others. It can also be used as a legal tender
Gold investment is a low-risk investment with huge profit especially when it is held for a long time.
Now that you know how stable gold investment is, find below some of the ways to invest in Gold in Nigeria.
How To invest in Gold in Nigeria
Apart from the physical buying of Gold, there are many other ways you can invest in Gold in Nigeria. Below are ways you can invest in Gold in Nigeria.
1. Physical Gold
One of the ways to invest in Gold in Nigeria is by direct ownership of physical gold whether in form of jewelry, coins, and billions. You can buy gold from a physical market or online and store it in a secured locked vault for a long period.
If you intend to invest in Gold in Nigeria by buying physical gold, you should be knowledgeable about it. You should be able to identify fake from real gold before buying. Also, ensure you buy from a genuine seller to avoid buying at a higher cost.
2. Gold Exchange Traded Funds (ETF)
Like the stock market, Gold also has exchange commodity funds that you can trade-in. More like trading forex and cryptocurrency, you will have no physical ownership of the gold in the real sense.
If you have little capital, investing in Gold Exchange Traded Funds is one of the best ways to invest in Gold in Nigeria. And you don’t have to worry about securing the gold since it isn’t physical.
3. Gold Mining Companies
Investing in different companies that mine gold is also another way to invest in Gold in Nigeria. Most of these companies allow opportunities for individuals to invest in Gold. Although this can be very risky especially if the company is not insured. We advise you to take your time in investigating any company before investing with them.
4. Gold Trading Platform
Not only cryptocurrency or forex has a trading platform, but gold also has. You can buy and sell gold on these Gold trading platforms without having to buy physical gold in your possession.
All you need to do is to find a good trading platform like Avatrade to sign up with them.
How to Start a Gold Business in Nigeria
Apart from investing in gold, you can also choose to start a Gold business in Nigeria. Starting a gold business in Nigeria is quite easy as long as you have the knowledge and can distinguish between fake and real gold. Also, you need to be conversant with the gold prices in the market. Find below some tips to help you in the gold business in Nigeria.
1. Knowledge and Experience
This can not be underestimated as your business depends solely on it. Apart from being able to differentiate between fake and real gold, you should be able to evaluate the weight of different products whether in grams or kilograms.
2. Make Research
Research is very vital to the success of your gold business as you need to be sure of the type of gold your target audience wants. Is it gold beads, jewelry, coins, or bullions?
3. Trusted Suppliers
This can not be overstated, suppliers are important in starting a gold business. So that, you don’t buy at a higher rate which can reduce your profit or buy a fake one all in the name of looking for cheaper prices.
4. Locations and Equipment
Renting your shop in the center of major cities like Lagos, Abuja will help to increase your sale. Although you may want to try online shop if you do not have enough capital. Below is some other equipment you may need in starting your gold business in Nigeria.
Equipment Needed To Start A Gold Business In Nigeria
An offline or online shop
Measuring scale to weigh your goods
Wooden, metal, or aluminum showcase to display your gold
Gold testing kit (to identify fake gold)
Security Doors, CCTV Cameras, electric fencing to protect your gold from theft.
Note: You may need to also employ security guards to protect it also.
5. Advertisement and Promotion
No business can survive without any form of promotion or advertisement. Hence, we advise you to spread the news of your gold business using different methods whether online or offline marketing. See the list of best investment banks in the world
Where to Buy Gold in Nigeria
You can buy gold in Nigeria online or use many physical stores around you. Below is the list of where you can buy gold in Lagos or Abuja, Nigeria.