Gold Mining in Nigeria Explained: Deposits, Artisanal Mining and Value

Nigeria has gold deposits across its northwest and southwest, long worked by artisanal miners and increasingly by formal operators. Gold is priced globally in dollars, so it ties directly into the naira story told across our commodity prices.

How it works

• Mining — from artisanal pits to formal operations.
• Processing — ore refined toward higher purity.
• Sale — priced in dollars at the global benchmark.

Why the dollar matters

Because gold is quoted in dollars per ounce, a Nigerian miner’s naira earnings move with both the global price and the exchange rate — which is also why gold as an investment and gold reserves matter to savers. Formalising artisanal mining could keep more value at home.