Nigeria: Gold Market 2025

Gold Market Size in Nigeria

After four years of growth, the Nigerien gold market decreased by -31.3% to $X in 2021. Overall, consumption, however, saw significant growth. Over the period under review, the market attained the peak level at $X in 2020, and then declined significantly in the following year.

Gold Production in Nigeria

In value terms, gold production declined to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 92%. Gold production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Gold Exports

Exports from Nigeria

In 2021, overseas shipments of gold decreased by -33.3% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 54%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, gold exports contracted to $X in 2021. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 50%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons) was the main destination for gold exports from Nigeria, with a 85% share of total exports. Moreover, gold exports to Switzerland exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Switzerland totaled +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-29.8% per year) and Turkey (+63.1% per year).

In value terms, Switzerland ($X) remains the key foreign market for gold exports from Nigeria, comprising 88% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Switzerland totaled +25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-31.1% per year) and Turkey (+79.9% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, jumping by 34% against the previous year. In general, export price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +97.9% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+10.5%), while the prices for the other major destinations experienced mixed trend patterns.

Gold Imports

Imports into Nigeria

In 2021, approx. X kg of gold were imported into Nigeria; increasing by 412% on the previous year's figure. Over the period under review, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold imports fell markedly to $X in 2021. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 243%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X kg) was the main gold supplier to Nigeria, accounting for a 91% share of total imports. Moreover, gold imports from Germany exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +62.5%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold to Nigeria, comprising 90% of total imports. The second position in the ranking was held by Germany ($X), with an 8.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at +35.9%.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, falling by -88.9% against the previous year. In general, the import price faced a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of 154%. The import price peaked at $X per kg in 2020, and then fell dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Germany totaled $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.1%).

Source: IndexBox Platform

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