Where to buy gold in Lagos: 5 markets every buyer should know

Gold has quietly become one of Nigeria’s favourite escape routes from economic uncertainty. As inflation keeps climbing and the naira struggles to keep its strength, many Nigerians are looking for a safe place to store their money, and gold is ticking that box.

It doesn’t lose value as quickly as cash, and unlike real estate or stocks, it’s easy to buy, sell, or even pass down.

More Nigerians are beginning to see gold as a savings plan, something you can hold and rely on when times get hard. Nairametrics reported that gold in October 2025 surged to over US $4,250 per ounce, reflecting a roughly 58 % increase year-on-year.

Lagos sits at the heart of this growing demand. Some prefer to keep it as long-term savings, while others buy and sell for profit. Either way, the goal is the same: keep value in something solid.

For anyone in Lagos, finding where to buy gold is the next important step. The city has become the centre of Nigeria’s growing gold trade, with dealers and jewellers offering everything from investment-grade bars to elegant ornaments.

Whether you’re buying your first gram or adding to an existing collection, knowing where to buy matters as much as knowing why you should.

Here are the markets to buy gold in Lagos

5. Allen Road
Allen Road in Ikeja is one of the busiest and most popular places in Lagos. Many people call it the Dollar Market because of how much buying and selling of foreign currency happens there.

The road starts from Obafemi Awolowo Way and links to Opebi Road and Adeniyi Jones to Allen roundabout. Not far from the road is Alade Market, where gold bar traders and jewelries are also seen.

By day, Allen Avenue is full of offices, banks, retail stores, restaurants and service businesses. Many companies choose to locate there because it gives them access, and also the presence of modern office spaces

Aside from gold and foreign currency, the road is lined with banks, fashion shops, salons, and electronics stores, and plazas for different businesses. Some traders there sell gold jewelry like chains, bangles, and rings. Some shops deal in brand-new gold, while others buy old jewelry and resell it.

4. Aguda Shopping Complex
Located in the Aguda area of Surulere, the Aguda Shopping Complex is around Enitan Street, right opposite the Mobil filling station.

Aguda and its shopping complex have developed into a bustling neighborhood market zone. While the complex itself carries a more organised structure of retail outlets and shops, the wider Aguda market area has served local residents for many years as the go-to place for everyday shopping and trading.

Within the Aguda Shopping Complex and the surrounding market, you’ll find a wide variety of goods. The area is also known for smaller jewellery and gold traders who buy and sell gold pieces.

According to one of the traders who spoke to Nairametrics, Mr. Abdule Suliman, buyers should always check for a hallmark before paying for any gold item. He explained that genuine gold pieces usually have a clear stamp such as “22K” or “18K” written on the hook or clasp of the jewelry. If those markings are missing, he said, it’s likely not real gold.

3. Egbeda market
Egbeda Market is located in Egbeda and sits along the busy Akowonjo Road/Idimu axis in the Alimosho Local Government Area.

Beyond being a popular destination for foodstuffs, fashion items, and household goods, Egbeda is also popularly known as a gold market. Many small jewellers and gold merchants operate there, selling everything from 18 karats and above.

Egbeda Market also trades in a wide variety of items. You’ll find fresh produce such as vegetables, yams flour, pepper and fish. Clothing and fashion accessories are common, both new and used and there are many stalls selling phones, electronics and household goods.

The location also comes with heavy traffic and crowding, so going early and being alert helps.

2. Tejuosho Ultra Modern Shopping Complex
Tejuosho Ultra Modern Shopping Complex, located in Yaba, is one of Lagos’s most organized and diverse trading hubs. The complex was built to replace the old Tejuosho Market after a major fire in 2007. It was redeveloped into a multi-level shopping centre

The market is along the Ojuelegba–Yaba axis; the complex is easy to reach from major parts of the city, including Surulere, Mushin, and Lagos Island. Inside, you will find hundreds of shops spread across several floors, offering a variety of goods from fashion and beauty products to household items, electronics, and accessories.

Many of the jewelry stores in the complex sell genuine gold pieces, including rings, bangles, chains, and customized designs. Because of the regulated environment and modern structure, buyers often prefer Tejuosho for its sense of safety and the ability to compare prices from multiple dealers in one place.

Gold can also be bought and sold at the main Tejuosho Market, inside the shopping complex. Beyond gold and jewelry, traders sell clothes, fabrics, shoes, and cosmetics.

1. Popo Plaza
Popo Plaza is located in Yaba on Lagos Mainland, within close proximity to the larger shopping zones of the suburb.

Yaba has grown rapidly as a dense commercial and retail hub in Lagos, characterised by a mix of formal markets, shopping complexes and informal trade.

At Popo Plaza, you will find jewellery and gold dealers selling items like gold chains, rings and bullion. But the plaza isn’t only about gold. Nearby businesses include clothing and textile vendors—particularly second-hand apparel along Popo Street

Note: One of the gold traders at Tejuosho Shopping Complex, in an interview with Nairametrics, advised that first-time buyers should come with someone knowledgeable about gold before making a purchase.

He also shared simple ways to tell real gold from fake. According to him, genuine gold feels heavy for its size, while fake gold often feels unusually light. He added that a strong magnet test is another way to check if real gold is not magnetic, so if it sticks it’s not gold.

The trader further mentioned that gently rubbing the piece on a rough surface can indicate that, too. If a gold-coloured mark means it’s likely real, but a black or grey streak usually shows it’s fake.

[Nairametrics]

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