Nigeria: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Nigeria

In 2021, the Nigerien market for precious metal ores and concentrates decreased by -8.4% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, enjoyed a resilient expansion. Precious metal ore and concentrate consumption peaked at $X in 2020, and then dropped in the following year.

Production of Precious Metal Ores And Concentrates in Nigeria

In value terms, precious metal ore and concentrate production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The growth pace was the most rapid in 2016 when the production volume increased by 196% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Exports of Precious Metal Ores And Concentrates

Exports from Nigeria

In 2021, approx. X tons of precious metal ores and concentrates were exported from Nigeria; growing by 427% compared with the year before. Over the period under review, exports recorded a resilient expansion. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, precious metal ore and concentrate exports surged to $X in 2021. Overall, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Nigeria, accounting for a 98% share of total exports. It was followed by the United States (X tons), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +25.8%.

In value terms, China ($X) remains the key foreign market for precious metal ore and concentrate exports from Nigeria, comprising 97% of total exports. The second position in the ranking was held by the United States ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled +44.9%.

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, growing by 37% 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 2020 an increase of 127% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+15.1%).

Imports of Precious Metal Ores And Concentrates

Imports into Nigeria

Precious metal ore and concentrate imports into Nigeria skyrocketed to X kg in 2021, increasing by 713% compared with the previous year. In general, imports, however, continue to indicate a sharp decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 1,101,413%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports reduced sharply to $X in 2021. Over the period under review, imports, however, saw a pronounced decline. The pace of growth was the most pronounced in 2017 when imports increased by 12,251%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the UK (X kg) was the main supplier of precious metal ore and concentrate to Nigeria, accounting for a 94% share of total imports. Moreover, precious metal ore and concentrate imports from the UK 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 the UK amounted to -24.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (0.0% per year) and the United States (-49.7% per year).

In value terms, the UK ($X), the United Arab Emirates ($X) and the United States ($X) were the largest precious metal ore and concentrate suppliers to Nigeria.

Among the main suppliers, the United Arab Emirates, with a CAGR of 0.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per kg in 2021, reducing by -90.1% against the previous year. In general, the import price, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 92,291%. The import price peaked at $X per kg in 2020, and then shrank markedly in the following year.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+29.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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