The Nigerian gold mining industry ‘the Industry’ has experienced significant growth in recent years, despite facing numerous challenges. Gold mining has a long history in Nigeria, dating back to the pre-colonial era. However, the government did not take significant measures towards developing the Industry until 2009. The government’s revival of the Nigerian Mining Corporation and passage of the Nigerian Minerals and Mining Act are evidence of this. Currently, Nigeria accounts for approximately 0.5% of global gold production, with artisanal and small-scale producers providing the majority of the gold. This figure is anticipated to rise in the medium to long term due to the government’s push for investment in the Industry.
Nigeria is estimated to have gold reserves totaling 757,000 oz, which, based on the average market price could be worth up to $1.4 billion.
The 2023 Gold Mining Industry report captures the following: