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Nigeria - Gold - Market Analysis, Forecast, Size, Trends and Insights
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View PricingGold Price in Nigeria - 2022
Contents:
- Gold Price in Nigeria (FOB) - 2022
- Gold Price in Nigeria (CIF) - 2022
- Gold Exports in Nigeria
- Gold Imports in Nigeria
Gold Price in Nigeria (FOB) - 2022
In 2022, the average gold export price amounted to $45,648,240 per ton, shrinking by -24.5% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. As a result, the export price reached the peak level of $60,477 per kg, and then declined remarkably in the following year.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($106,000,585 per ton), while the average price for exports to the United Arab Emirates amounted to $44,122,444 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+9.7%).
Gold Price in Nigeria (CIF) - 2022
In 2022, the average gold import price amounted to $3,872,214 per ton, dropping by -23.8% against the previous year. Overall, the import price recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 154% against the previous year. The import price peaked at $45,578,236 per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($46,450,255 per ton), while the price for Germany totaled $412,068 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.6%).
Gold Exports in Nigeria
In 2022, overseas shipments of gold were finally on the rise to reach 4.5 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a dramatic descent.
In value terms, gold exports totaled $206M in 2022. In general, exports, however, recorded a abrupt downturn.
Export of Gold in Nigeria (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | 343 | 63.0 | 13.5 | 194 | -17.3% |
Switzerland | 2.3 | 136 | 172 | 10.9 | 68.0% |
Others | 0.5 | 18.7 | 8.8 | 0.9 | 21.6% |
Total | 345 | 218 | 194 | 206 | -15.8% |
Top Export Markets for Gold from Nigeria in 2022:
- United Arab Emirates (4.4 tons)
- Switzerland (0.1 tons)
Gold Imports in Nigeria
In 2022, gold imports into Nigeria surged to 159 kg, growing by 83% on the previous year. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 412%. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, gold imports surged to $614K in 2022. Overall, imports, however, continue to indicate a abrupt decline.
Import of Gold in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | 864 | 782 | 400 | 492 | -17.1% |
Germany | 3.6 | 0.7 | 39.6 | 60.6 | 156.3% |
Others | 3.0 | 3.3 | 2.9 | 62.0 | 174.4% |
Total | 871 | 786 | 443 | 614 | -11.0% |
Top Suppliers of Gold to Nigeria in 2022:
- Germany (147.0 kg)
- United Arab Emirates (11.0 kg)
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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