Business
Libya Tops Africa in Foreign Exchange and Gold Reserves 2026
Libya leads Africa in 2026 with $92.9 billion in foreign exchange reserves. South Africa, Nigeria, and Egypt also feature among the continent’s top ten
Libya leads Africa in foreign exchange and gold reserves in 2026, holding $92.9 billion, ranking 31st globally, according to data reported by TRT Afrika.
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Foreign exchange and gold reserves are assets held in gold and foreign currency, mainly US dollars, by a country’s central bank.
They help stabilize the economy, influence exchange rates, and boost confidence in financial markets.
Other African countries with the highest reserves include:
1. Algeria – $83.0 billion (33rd globally)
2. South Africa– $65.4 billion (38th globally)
3. Egypt – $44.9 billion (44th globally)
4. Nigeria – $38.6 billion (53rd globally)
5. Morocco– $37.1 billion
6. Angola – $14.2 billion
7. Kenya – $10.1 billion
8. Tunisia – $9.3 billion
9. Côte d’Ivoire – $7.4 billion
According to the World Gold Council, Africa’s top gold producers are Ghana, Mali, South Africa, Burkina Faso, and Sudan.
Nigeria’s reserves have also risen recently, reaching $46.59 billion, helped by improved foreign exchange supply.
The naira has strengthened, trading below ₦1,400 in the official market, up 1.3% from Monday’s closing rate.
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These reserves indicate a country’s ability to manage foreign debt, stabilize the domestic economy, and enhance economic security for citizens.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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