September 3, 2025 – Gold surged to fresh record highs in global markets on Tuesday, buoyed by strong investor demand and ongoing supply concerns, even as Nigeria ramped up efforts to tackle illegal mining within its borders.
Analysts attributed the surge to global economic uncertainties, currency pressures, and heightened interest in safe-haven assets. Spot gold traded at unprecedented levels, sparking fresh debates on its role as a hedge against inflation and geopolitical risks.
In Nigeria, authorities have stepped up enforcement actions against illegal gold mining operations, which the government says deprive the country of billions in revenue annually while fueling insecurity in mining communities. Security operatives have reportedly carried out coordinated raids across gold-rich states, shutting down unlicensed sites and confiscating equipment.
Officials at the Ministry of Solid Minerals Development insist the crackdown is part of President Bola Ahmed Tinubu’s broader agenda to sanitize the sector, formalize artisanal mining, and boost foreign exchange earnings through legal exports.
Industry observers say Nigeria’s clampdown comes at a crucial time, as high global prices could attract both legitimate investment and illicit exploitation. “If properly regulated, gold could become Nigeria’s second-biggest foreign exchange earner after oil,” one commodities analyst noted.
The government is expected to announce further policy measures to attract credible investors and expand local refining capacity, with the aim of positioning Nigeria as a competitive player in the global gold market.