GOLD TRADING ACT
Act · Trade
An Act regulates the buying, selling, and export of gold in Nigeria by requiring licenses for traders. It targets gold miners, dealers, and customs authorities. The aim is to prevent smuggling and ensure government receives royalties.
GOLD TRADING ACT
What Is This Policy?
An Act regulating the buying, selling, and export of gold in Nigeria, requiring traders to be licensed and prohibiting unlicensed gold trading and smuggling of gold out of Nigeria.
Who Does It Target?
Gold miners and artisanal gold producers Licensed gold dealers and exporters The Federal Ministry of Mines and Steel Development Customs authorities at borders
What Does It Aim to Achieve?
Regulate the gold trade to ensure government receives royalties, prevent gold smuggling, and develop a formal gold trading sector in Nigeria.
Key Features
Licensing: All gold buyers and exporters must hold a valid gold trading licence. Documentation: Gold transactions must be accompanied by prescribed documentation showing lawful origin. Export Control: Gold export requires specific permits from the Ministry of Mines. Penalties: Unlicensed dealing and smuggling attract severe penalties including imprisonment.
Current Status
Rollout Stage: Active Coverage: Nationwide gold trade Beneficiaries: Government revenue; formal mining sector Funding: Licensing fees; royalties
How to Access
Apply for gold trading licence from the Ministry of Mines and Steel Development All gold exports require a valid export permit Report gold smuggling to Customs or Ministry of Mines Application method: Apply at https://www.minesandsteel.gov.ng
Important Terms
Smuggling gold out of Nigeria is a serious criminal offence The gold trading sector is an important part of Nigeria's solid minerals revenue potential Artisanal gold miners must sell through licensed channels
Official Resources
Website: https://www.minesandsteel.gov.ng Contact: Federal Ministry of Mines and Steel Development
Legal Framework
Enacted under the legislative powers of the National Assembly as the Gold Trading Act (Cap G7 LFN 2004). Operates alongside the Minerals and Mining Act 2007, the Nigeria Customs Service Act (for gold export declarations), the EFCC Act (for proceeds of crime), and the CBN Act 2007 (for gold reserves). Aligns with the FATF Recommendations on precious metals dealers and the AU Minerals Africa Development Resource.