Nigeria: Gold Ore Market 2020

Gold Ore Market Size in Nigeria

The revenue of the gold ore market in Nigeria amounted to $X in 2017, surging by X% against the previous year. In general, gold ore consumption continues to indicate a skyrocketing expansion. The pace of growth was the most pronounced in 2008, when market value increased by X% year-to-year. Over the period under review, the gold ore market attained its maximum level in 2017, and is expected to retain its growth in the immediate term.

Gold Ore Production in Nigeria

In 2017, approx. X tons of gold ores and concentrates were produced in Nigeria; picking up by X% against the previous year. The total output volume increased an average annual rate of +X% over the period from 2007 to 2017; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2012, when it surged by X% y-o-y. Over the period under review, the gold ore production attained its peak figure volume in 2017, and is likely to see steady growth in the immediate term.

Gold Ore Exports from Nigeria

Gold ore exports from Nigeria totaled X tons in 2017, declining by -X% against the previous year. Overall, gold ore exports continue to indicate a deep drop. The growth pace was the most rapid in 2016, when exports increased by -X% year-to-year. Nigeria exports peaked of X tons in 2007; however, from 2008 to 2017, it failed to regain its momentum.

In value terms, gold ore exports stood at $X in 2017. Overall, gold ore exports continue to indicate a slight contraction. Over the period under review, the gold ore exports attained its maximum level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Gold Ore Exports by Country from Nigeria

In 2017, Australia (X tons) was the key exporter for gold ores and concentrates, generating X% of total exports. Russia (X tons) occupied the second position in the ranking, distantly followed by Turkey (X tons) and Tanzania (X tons). All these countries together took near X% share of total exports. Greece (X tons), Ecuador (X tons), Papua New Guinea (X tons), Peru (X tons), Malaysia (X tons) and Spain (X tons) followed a long way behind the leaders.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Greece (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) remains the largest gold ore supplier from Nigeria, making up X% of global exports. The second position in the ranking was occupied by Russia ($X), with a X% share of global exports. It was followed by Tanzania, with a X% share.

In Australia, gold ore exports increased at an average annual rate of +X% over the period from 2007-2017. The remaining exporting countries recorded the following average annual rates of exports growth: Russia (+X% per year) and Tanzania (+X% per year).

Gold Ore Export Prices by Country in Nigeria

In 2017, the gold ore export price in Nigeria amounted to $X per kg, increasing by X% against the previous year. In general, the export price indicated a remarkable increase from 2007 to 2017: its price increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the gold ore export price increased by +X% against 2007 indices. The pace of growth was the most pronounced in 2011, when the export prices increased by X% year-to-year. Over the period under review, the export prices for gold ores and concentrates attained its peak figure level in 2017, and is expected to retain its growth in the immediate term.

Export prices varied noticeably by the country of destination; the country with the highest export price was Tanzania ($X per ton), while Greece ($X per ton) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Greece (+X% per year), while the other leaders experienced more modest paces of growth.

Gold Ore Imports into Nigeria

In 2017, the amount of gold ores and concentrates imported into Nigeria amounted to X kg, going down by -X% against the previous year. In general, gold ore imports continue to indicate an abrupt shrinkage. The pace of growth appeared the most rapid in 2008, with an increase of X% year-to-year. In that year, the gold ore imports reached their peak volume of X kg. From 2009 to 2017, growth of the gold ore imports failed to regain its momentum.

In value terms, gold ore imports amounted to $X in 2017. Overall, gold ore imports continue to indicate a deep downturn. In that year, the gold ore imports reached their peak level of $X. From 2009 to 2017, growth of the gold ore imports failed to regain its momentum.

Gold Ore Imports by Country into Nigeria

In 2017, South Korea (X tons), distantly followed by China (X tons), the UK (X tons) and Mexico (X tons) were the largest importers of gold ores and concentrates, together committing X% of total imports. The Philippines (X tons), Kazakhstan (X tons), Belgium (X tons) and India (X tons) followed a long way behind the leaders.

From 2007 to 2017, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by India (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported gold ores and concentrates into Nigeria, making up X% of global imports. The second position in the ranking was occupied by the UK ($X), with a X% share of global imports. It was followed by South Korea, with a X% share.

In China, gold ore imports increased at an average annual rate of +X% over the period from 2007-2017. The remaining importing countries recorded the following average annual rates of imports growth: the UK (-X% per year) and South Korea (+X% per year).

Gold Ore Import Prices by Country in Nigeria

In 2017, the gold ore import price in Nigeria amounted to $X per kg, lowering by -X% against the previous year. In general, gold ore import price continues to indicate a significant setback. The most prominent rate of growth was recorded in 2013, when it surged by X% year-to-year. In that year, the import prices for gold ores and concentrates attained their peak level of $X per kg. From 2014 to 2017, growth of the import prices for gold ores and concentrates stood at a somewhat lower level.

There were significant differences in the average import prices amongst the major importing countries. In 2017, the country with the highest import price was the Philippines ($X per kg), while Mexico ($X per ton) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by the Philippines (+X% per year), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform