Report Update May 1, 2025

Nigeria - Precious Metal Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Market for Precious Metal Ores And Concentrates 2025

Market Size for Precious Metal Ores And Concentrates in Nigeria

The Nigerien market for precious metal ores and concentrates expanded sharply to $X in 2022, increasing by 9.3% against the previous year. In general, consumption posted a buoyant increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Nigeria

In value terms, precious metal ore and concentrate production expanded rapidly to $X in 2022 estimated in export price. In general, production posted a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 114%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from Nigeria

In 2022, approx. X tons of precious metal ores and concentrates were exported from Nigeria; picking up by 39% against the previous year. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 1,288%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2022. In general, exports recorded strong growth. The pace of growth appeared the most rapid in 2020 when exports increased by 1,112%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Nigeria, with a 96% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +28.9%.

In value terms, China ($X) remains the key foreign market for precious metal ores and concentrates exports from Nigeria, comprising 99% of total exports. The second position in the ranking was taken by the United States ($X), with a 0.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China totaled +26.3%.

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, with an increase of 1.9% against the previous year. In general, the export price, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2017 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-2.0%).

Imports of Precious Metal Ores And Concentrates

Imports into Nigeria

In 2022, precious metal ore and concentrate imports into Nigeria shrank to X kg, declining by -11.9% compared with the previous year. In general, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 14,863%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports contracted markedly to $X in 2022. Overall, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 12,251%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the UK (X kg) was the main precious metal ore and concentrate supplier to Nigeria, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the UK stood at -18.3%.

In value terms, the UK ($X) constituted the largest supplier of precious metal ores and concentrates to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled -7.8%.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per kg in 2022, reducing by -21.5% against the previous year. Over the period under review, the import price, however, posted a resilient increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by 2,171%. As a result, import price attained the peak level of $X per kg. From 2021 to 2022, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for the UK.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +37.8% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for precious metal ores and concentrates in the world?

The country with the largest volume of precious metal ore and concentrate consumption was China, accounting for 39% of total volume. Moreover, precious metal ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, Russia, sevenfold. Peru ranked third in terms of total consumption with a 5.4% share.

What are the largest producers of precious metal ores and concentrates in the world?

The countries with the highest volumes of in 2021 were Australia, Peru and Russia, with a combined 37% share of global production. Ecuador, Greece, Indonesia, Turkey, Mexico, Brazil, South Africa, Argentina, Chile and Tanzania lagged somewhat behind, together accounting for a further 34%.

What are the leading suppliers of precious metal ores and concentrates to Nigeria?

In value terms, the UK constituted the largest supplier of precious metal ore and concentrate to Nigeria.

What are the leading importers of precious metal ores and concentrates from Nigeria?

In value terms, China remains the key foreign market for precious metal ore and concentrate exports from Nigeria.

What is the average export price for precious metal ores and concentrates in Nigeria?

The average export price for precious metal ores and concentrates stood at $2,207 per ton in 2021, approximately mirroring the previous year.

What is the average import price for precious metal ores and concentrates in Nigeria?

The average import price for precious metal ores and concentrates stood at $169,934 per ton in 2021, reducing by -33.6% against the previous year.

This report provides an in-depth analysis of the market for precious metal ore and concentrate 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 07291400 - Precious metal ores and concentrates

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 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
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 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
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, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024