Nigeria’s Missing Gold Royalties: Report Questions ₦110bn Gap in 2024
An analysis of United Nations trade data says the UAE recorded US$2.71 billion worth of gold imports from Nigeria in 2024, while Nigeria published no matching export figure. At Nigeria’s 3% statutory royalty rate for gold, the reported value could translate to about US$81.3 million, or roughly ₦110.9 billion, in royalties. The report argues that undeclared exports, informal trading routes and weak reporting may be denying the country significant revenue. It also compares the estimated gold royalty with the Federal Government’s reported mining revenue for 2024 and calls for an independent review of royalty payments, tax compliance and mineral-export records.
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