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

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