Nigeria is intensifying efforts to develop its gold industry following a historic surge in global prices, which have reached an unprecedented $4,250 per ounce. The government views the record-breaking trend as a significant economic opportunity to diversify national income and reduce the country’s long-standing dependence on crude oil.
In response, authorities have begun accelerating reforms within the solid minerals sector, focusing on formalizing local mining operations and attracting both domestic and international investment. Several gold exploration and production projects are currently underway across states including Osun, Kebbi, Niger, and Zamfara, where artisanal mining activities have historically been concentrated.
Officials from the Ministry of Solid Minerals Development say that the government’s strategy involves tightening regulatory oversight, enhancing environmental and safety standards, and promoting value addition through local refining and processing. By refining gold within Nigeria, the administration aims to retain more value in the economy and reduce losses from raw exports.
Economic experts have praised the move as timely, given the global shift toward resource diversification and the rising demand for precious metals as a financial hedge. They note that a well-structured gold industry could generate thousands of jobs, boost export earnings, and strengthen the naira through increased foreign exchange inflows.
If successfully implemented, Nigeria’s gold development agenda could position the nation as one of Africa’s leading gold producers, alongside Ghana and South Africa. Beyond its economic promise, the initiative also signals a strategic turn toward sustainable resource management and industrial growth driven by non-oil sectors.
— Business & Economy Desk, Abuja
