Report Nigeria - Precious Metal Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights for 499$
Latest Report Update: Jan 3, 2023

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 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

Base Year Historical Period Forecast Period Units
2022 2012-2022 2023-2030 US$, Tons

Frequently Asked Questions (FAQ) :

What are the largest markets for precious metal ores and concentrates in the world?
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China constituted the country with the largest volume of precious metal ore and concentrate consumption, comprising approx. 30% of total volume. Moreover, precious metal ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, the United States, sevenfold. Kyrgyzstan ranked third in terms of total consumption with a 4.3% share.
What are the largest producers of precious metal ores and concentrates in the world?
+
The countries with the highest volumes of production in 2021 were Kyrgyzstan, Peru and Australia, together accounting for 20% of global production. Russia, the United States, Brazil, India, Indonesia, Pakistan, Mexico, Bangladesh, Ecuador and Turkey lagged somewhat behind, together accounting for a further 37%.
What are the leading suppliers of precious metal ores and concentrates to Nigeria?
+
In value terms, the largest precious metal ore and concentrate suppliers to Nigeria were the UK, the United Arab Emirates and the United States $87).
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, comprising 97% of total exports. The second position in the ranking was taken by the United States, with a 0.2% share of total exports.
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 $4,132 per ton in 2021, jumping by 37% against 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 $210 per kg in 2021, declining by -90.1% 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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
REPORT DESCRIPTION
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2012–2022
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2012–2022
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2022
Table 2:
Market Volume, In Physical Terms, 2012–2022
Table 3:
Market Value, 2012–2022
Table 4:
Per Capita Consumption In 2007-2022
Table 5:
Imports, In Physical Terms, By Country, 2012–2022
Table 6:
Imports, In Value Terms, By Country, 2012–2022
Table 7:
Import Prices, By Country Of Origin, 2012–2022
Table 8:
Exports, In Physical Terms, By Country, 2012–2022
Table 9:
Exports, In Value Terms, By Country, 2012–2022
Table 10:
Export Prices, By Country Of Destination, 2012–2022
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2012–2022
Figure 2:
Market Value, 2012–2022
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007-2022
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007-2022
Figure 5:
Trade Balance, In Physical Terms, 2007-2022
Figure 6:
Trade Balance, In Value Terms, 2007-2022
Figure 7:
Per Capita Consumption, 2007-2022
Figure 8:
Market Forecast To 2030
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2012–2022
Figure 21:
Production, In Value Terms, 2012–2022
Figure 22:
Imports, In Physical Terms, 2012–2022
Figure 23:
Imports, In Value Terms, 2012–2022
Figure 24:
Imports, In Physical Terms, By Country, 2022
Figure 25:
Imports, In Physical Terms, By Country, 2012–2022
Figure 26:
Imports, In Value Terms, By Country, 2012–2022
Figure 27:
Import Prices, By Country Of Origin, 2012–2022
Figure 28:
Exports, In Physical Terms, 2012–2022
Figure 29:
Exports, In Value Terms, 2012–2022
Figure 30:
Exports, In Physical Terms, By Country, 2022
Figure 31:
Exports, In Physical Terms, By Country, 2012–2022
Figure 32:
Exports, In Value Terms, By Country, 2012–2022
Figure 33:
Export Prices, By Country Of Destination, 2012–2022
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