Report Update Nov 1, 2024

Nigeria - Gold - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Gold Market 2024

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

Frequently Asked Questions (FAQ) :

What are the largest markets for gold in the world?

The countries with the highest volumes of gold consumption in 2020 were the UK, Switzerland and China, with a combined 41% share of global consumption.

What are the largest producers of gold in the world?

The countries with the highest volumes of gold production in 2020 were Russia, Argentina and South Africa, with a combined 19% share of global production. These countries were followed by Hong Kong SAR, Australia, China, Peru, Thailand, the United Arab Emirates, Singapore, Japan, the United States and Canada, which together accounted for a further 41%.

What are the leading suppliers of gold to Nigeria?

In value terms, the United Arab Emirates constituted the largest supplier of gold to Nigeria.

What are the leading importers of gold from Nigeria?

In value terms, the United Arab Emirates remains the key foreign market for gold exports from Nigeria.

What is the average export price for gold in Nigeria?

The average gold export price stood at $43,826 per kg in 2020, increasing by 14% against the previous year.

What is the average import price for gold in Nigeria?

The average gold import price stood at $52,398 per kg in 2020, surging by 8.7% against the previous year.

This report provides an in-depth analysis of the gold market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
Prodcom 24412035 -
Prodcom 24412040 -
Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
Prodcom 24412070 - Monetary gold (including gold plated with platinum)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023