Gold reserves are a necessity in a world filled with economic uncertainties, a nation with a vast amount of cash or foreign exchange reserve is open to all sort of economic risk and overturns.

When the means of fuelling and growing the national cash reserve is at an all time decline which is very much a situation the country is tucked in, a gold reserve would suffice as a viable means of fleshing the declining cash reserve.

This will in a way create a two way wealth reserve for the nation, gold ounces are not susceptible to a sudden crash but rather a lingering lull in prices which can always be noticed a mile away by a vibrant economic team, this in way will create a stable and assuring wealth reserve.

Some nations do not even have their reserves in cash, instead they opt for gold bars. This is mainly due to the exponential hike in price it enjoys in the world market. I would even suggest that our foreign exchange reserve be converted to this precious metals.

Gold reserves are not that easy to cart away or launder, since they are in sizeable and bulky bars this makes them safe and not prone to laundering, cash reserves on the other hands are quite easy to "lift" and transfer to foreign accounts which inturn makes them pretty volatile.

Right from the onset we were wrong to have a single reserve of wealth which is in foreign exchange alone, we should have followed the trails of nations like United states, Germany, Venezuela and so on, these nations have dual reserves which are mostly in cash and precious metals, when one does bad the other is there to cheer up the economy and nudge it back to life , such nations have something to fall back on when all seems wrong economically

Developed nations such as the United State of America do not parade a single stockpile of wealth instead they tend to have an alternate source of wealth which is vested in gold.

The fort knox is a good example of an alternate source of wealth, audits done on the monetary value of the gold bars housed in the highly protective fort knox equates to trillions of naira's.

The recurring economic woes that oil restive nations are faced with should serve as a wake up call, it is pertinent that such countries seek out alternative means of creating further wealth, this in a way would cushion the drastic and seemingly falling effect crude prices seems to be having on their economies...

Top notch nations have been known to have a vast stockpile of wealth both in cash and in precious metals, why can't we deem it fit to be copy cats and just replicate this economic steps.

I like this ..Apt and insightful. We have these precious stones here.

So, Nigeria does not even have gold reserves. Yet, we're wondering why we're not progressing.

Cunt of a nation.