Nigeria repatriates gold reserves from U.S.: summary

Felipe Finger, head of the Special Inspection Group from the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), displays confiscated gold during an operation against illegal mining in Yanomami Indigenous land, at a farm in rural Boa Vista, Roraima state, Brazil, December 7, 2023. "This is war because people are dying. Hundreds of Yanomami have died in the humanitarian crisis, and they are Brazilians too," said Finger. REUTERS/Ueslei Marcelino SEARCH "MARCELINO BRAZIL YANOMAMI" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

Source: X07800

What we know

Nigeria has decided to retrieve its gold reserves from the United States (U.S.) following concerns about a weakening economy.
Some Nigerian policymakers expressed fear about the stability of the U.S. financial system amidst rising inflation, escalating debt levels, and geopolitical tensions in the country.
The move reflects the West African country’s resolve to lessen the risks associated with the U.S’ weakening economy and minimize exposure to external vulnerabilities.
Repatriation of Nigeria’s gold reserves also aligns with Nigeria’s broader economic agenda of self-reliance and growth in the global marketplace
Advocates argue that reclaiming its mineral assets will give the country an economic boost, encourage investor confidence, and promote greater control over its financial assets.

What they said

Dr Fatima Abubakar, an economist specialising in international finance, described the move as practical and apt towards safeguarding the country’s finances. "Nigeria's decision to repatriate its gold reserves from the United States is a strategic move in response to the uncertain economic outlook. With the US economy facing challenges such as high inflation and mounting debt, Nigeria is taking proactive measures to safeguard its wealth and strengthen its financial resilience," she said.

Wonder Hagan