VAT on Gold in Nigeria
Gold bars bought from a VAT-registered seller carry the standard 7.5% VAT, because gold is not in the Act's exempt or zero-rated lists. Gold jewellery from a VAT-registered business carries the standard 7.5% VAT on its full price. Today 10 grams of 24K gold cost ₦1,677,928 at the world price and about ₦1,803,773 with tax and duty.
Rules checked 26 October 2026 · Prices Oct 30, 2026, 21:55 UTC · Not tax advice
Gold in Nigeria today, with tax
NGN · Oct 30, 2026, 21:55 UTC| Weight | World price, 24K gold | Bar or coin, with tax and duty | 18K jewellery metal, with tax |
|---|---|---|---|
| 1 gram | ₦167,793 | ₦180,377 | ₦135,283 |
| 10 grams | ₦1,677,928 | ₦1,803,773 | ₦1,352,829 |
| 1 ounce | ₦5,218,940 | ₦5,610,360 | ₦4,207,770 |
| 100 grams | ₦16,779,280 | ₦18,037,726 | ₦13,528,295 |
| 1 kilo | ₦167,792,803 | ₦180,377,263 | ₦135,282,947 |
The rules in Nigeria
| What you buy | Tax | Details |
|---|---|---|
| Bars and bullion coins | 7.5% | Gold bars bought from a VAT-registered seller carry the standard 7.5% VAT, because gold is not in the Act's exempt or zero-rated lists. The exempt list (s.186 Nigeria Tax Act 2025, in force 1 January 2026) and the zero-rated list (s.187) do not mention gold, precious metals, bullion or minerals. The 'money or securities' exemption does not cover gold as written. No Nigeria Revenue Service ruling on gold was found, and none for sales to the CBN's gold purchase programme, which buys from miners and is not a retail channel. Most local gold trade is informal and unregistered, so VAT is often not charged in practice. |
| Jewellery | 7.5% | Gold jewellery from a VAT-registered business carries the standard 7.5% VAT on its full price. Charged on: full value. |
| Import duty | 0% | Local gold is mostly mined in Nigeria and priced at the world price converted to naira, so no import duty is built into the metal price. Imported gold and jewellery fall under the ECOWAS Common External Tariff, which has bands of 0, 5, 10, 20 and 35% (finished consumer goods are usually 20%). Import VAT of 7.5% is charged on the landed cost. The exact tariff lines for gold (HS 7108) and jewellery (HS 7113) were not confirmed. |
| Tourist refund | No | Nigeria has no VAT refund scheme for tourists. VAT refunds exist only for registered businesses, and Nigeria is not a destination for the main tax-free shopping operators. |
Compared with nearby countries
| Country | Bars and coins | Jewellery | Import duty |
|---|---|---|---|
| Nigeria | 7.5% | 7.5% | none |
| UAE | 0% | 5% | none |
| Saudi Arabia | 0% | 15% | none |
| Kuwait | 0% | 0% | none |
| Qatar | 0% | 0% | none |
| Bahrain | 0% | 10% | none |
| Oman | 0% | 5% | none |
| Egypt | 0% | 0% on the gold | none |
| South Africa | 0% | 15% | none |
| Kenya | 16% | 16% | none |
| Ghana | 20% | 20% | none |
VAT on Gold in Nigeria: FAQ
Is there VAT on gold in Nigeria?
Gold bars bought from a VAT-registered seller carry the standard 7.5% VAT, because gold is not in the Act's exempt or zero-rated lists. Gold jewellery from a VAT-registered business carries the standard 7.5% VAT on its full price.
Do you pay VAT on gold bars and coins in Nigeria?
Gold bars bought from a VAT-registered seller carry the standard 7.5% VAT, because gold is not in the Act's exempt or zero-rated lists. The exempt list (s.186 Nigeria Tax Act 2025, in force 1 January 2026) and the zero-rated list (s.187) do not mention gold, precious metals, bullion or minerals. The 'money or securities' exemption does not cover gold as written. No Nigeria Revenue Service ruling on gold was found, and none for sales to the CBN's gold purchase programme, which buys from miners and is not a retail channel. Most local gold trade is informal and unregistered, so VAT is often not charged in practice.
Is there import duty on gold in Nigeria?
Local gold is mostly mined in Nigeria and priced at the world price converted to naira, so no import duty is built into the metal price. Imported gold and jewellery fall under the ECOWAS Common External Tariff, which has bands of 0, 5, 10, 20 and 35% (finished consumer goods are usually 20%). Import VAT of 7.5% is charged on the landed cost. The exact tariff lines for gold (HS 7108) and jewellery (HS 7113) were not confirmed.
Can tourists claim back the VAT on gold in Nigeria?
No. Nigeria has no VAT refund scheme for tourists. VAT refunds exist only for registered businesses, and Nigeria is not a destination for the main tax-free shopping operators.
Sources (6)
- PwC Worldwide Tax Summaries: Nigeria, corporate other taxes (VAT 7.5%, customs duties) (2026-05-29 (last reviewed))
- Law Global Hub: Section 186 Nigeria Tax Act 2025 (exempt supplies, statutory text) (2025)
- Mondaq / SK Streamsowers & Kohn: VAT provisions under the Nigeria Tax Act 2025 (ss.186-187 lists, 7.5% rate, import VAT) (2026-05-28)
- Forvis Mazars Nigeria: VAT and Nigeria 2025 tax reforms (rate stays 7.5%) (2026-03-16)
- ECOWAS ECOTIS: ECOWAS Common External Tariff bands (2013 (CET adopted), page current)
- Way4i: Nigeria tax-free shopping guide (no tourist VAT refund) (2026-06-15)
Related
General information on the tax a private buyer pays, checked 26 October 2026. Rules change; check with the seller, the tax authority or an adviser. Not tax advice.