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.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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