Nigeria’s Gemstone Sector Holds Key to Multi-Billion Dollar Economic Transformation

By Wosilat Yiseyon Ramon

Nigeria stands on the brink of a monumental economic opportunity, with the potential to claim a substantial portion of the $350 billion global gemstone and jewelry market. The key to unlocking this wealth, however, lies not in the continued export of raw materials but in a strategic pivot toward building a complete, value-adding domestic ecosystem. This was the central message delivered by industry leaders at the recent 3rd Nigerian Gemstones and Jewelry Expo and Conference (NGJE), held at the International Conference Centre, University of Ibadan, from August 25 to 27.

A Vision Forged in Resilience and Potential

The Gemstone Miners and Marketers Association of Nigeria (GMMAN), the event’s organizer, painted a compelling picture of a future where Nigeria is a creator, not just a supplier. Prof. Adesoji Adesugba, co-founder and Trustee of GMMAN, articulated this vision with clarity. He explained that the association, established on November 3, 2016, was born from a necessity to unify a fragmented sector and transform it into a powerful engine for national economic growth.

“Each gemstone mined in Nigeria is more than a stone — it is a story of resilience, creativity, and national potential,” Prof. Adesugba stated. His words underscored a critical shift in mindset required for progress. The current model, where Nigeria exports unprocessed treasures, is akin to selling the ingredients for a gourmet meal rather than preparing, plating, and selling the meal itself at a premium. “Nigeria must move from being a raw supplier to becoming a world-class creator of value, jobs, and export earnings,” he emphasized, highlighting the immense value being left on the table.

The Stark Global Reality and Nigeria’s Untapped Wealth

The statistics presented at the conference reveal a stark global imbalance. The international trade in colored gemstones alone is valued at an estimated $23 billion annually. Africa, the holder of nearly 30% of the world’s gemstone reserves, captures a paltry less than 10% of this market value. Nigeria’s contribution is a fraction of that, despite being endowed with a breathtaking geological fortune.

The country is home to over 30 commercially viable varieties of gemstones, including highly sought-after tourmaline in a rainbow of colors, pristine aquamarine, brilliant sapphire, and deep green emerald. Yet, the vast majority of these stones are dug from the earth and shipped overseas in their rough, unpolished state. They are then cut, polished, certified, and designed into jewelry in countries like Thailand, India, and Sri Lanka, which reap the enormous financial rewards.

Thailand and Sri Lanka, nations with far smaller natural reserves, each generate over $1.5 billion per year from their value-added gemstone industries. Experts at the NGJE argued persuasively that with targeted investment in infrastructure, technology, and specialized skills training, Nigeria has the raw potential not just to compete with these established hubs, but to potentially surpass them and establish itself as a new global epicenter for gemstone beneficiation and jewelry craftsmanship.

Building the Foundation: Education and Professionalization

A critical step toward this future is the development of a skilled, homegrown workforce. Prof. Adesugba took a moment to commend a pioneering academic initiative: the establishment of the first Department of Geology and Gemology in Africa at Yakubu Gowon University in Abuja. He described this as a “bold step” that will fundamentally alter the industry’s trajectory by producing a new generation of Nigerian experts—geologists, gemologists, master cutters, and designers—equipped with the scientific knowledge and technical prowess to create value at every stage of the supply chain.

This educational drive aligns perfectly with GMMAN’s core mission to professionalize the sector, promote stringent ethical and environmental standards, and attract serious global investment by demonstrating competence and transparency. A professionalized industry is a bankable one, and this is a cornerstone of the association’s strategy.

A Blueprint for a Billion-Dollar Industry

Outlining a concrete path forward, the National President of GMMAN, Engr. Adeniran Ajibade, detailed the association’s key priorities. This blueprint provides a clear roadmap for stakeholders, from the government to individual miners:

Establishing Beneficiation and Certification Centers

The creation of modern, well-equipped facilities where stones can be professionally cut, polished, and graded within Nigeria is paramount. This would stop the hemorrhage of value and allow Nigerian gems to be sold at their true worth on the international market with trusted certification.

Expanding Technical and Artistic Training

Beyond gemology, there is a urgent need for large-scale training programs in the arts of precision cutting, jewelry design, manufacturing, repair, and retail. This skills development will create thousands of jobs and foster a new creative economy.

Leveraging Technology for Transparency

Implementing technological solutions, such as blockchain, to ensure traceability from mine to market. This guarantees the ethical sourcing of stones—a major selling point for conscious global consumers—and builds Nigeria’s brand as a responsible producer.

Creating Structured Investment Vehicles

Developing accessible financing options and investment structures for local miners and jewelers to help them scale their operations, acquire modern equipment, and compete effectively.

Building Global Partnerships

Actively forging relationships with international trade bodies, luxury brands, and jewelry houses to showcase the quality and unique characteristics of Nigerian gemstones on the world stage.

Government and State-Level Support

The conference also highlighted the crucial role of governmental support. The Minister of Solid Minerals Development, Hon. Dele Alake, represented by Mr. Umoakpan Etido, assured stakeholders of the federal government’s commitment to supporting initiatives that align with Nigeria’s broader economic diversification agenda away from oil.

At the state level, the Chief Host of the event, Governor Seyi Makinde of Oyo State, explicitly pledged support for investors, rightly noting that Oyo is one of Nigeria’s gemstone-rich states with significant, and still largely untapped, potential. This kind of sub-national commitment is essential for creating investor-friendly environments and developing mining clusters.

Conclusion: From Potential to Prosperity

The three-day Expo, featuring exhibitions, expert panel discussions, and stunning jewelry showcases, served as a powerful testament to what is possible. It brought together miners, marketers, investors, policymakers, and international participants, all united by a common vision.

Since its founding in 2016, GMMAN has remained steadfast in its commitment to building a transparent, ethical, and highly profitable gemstone industry. The long-term vision is clear and ambitious: to position Nigeria as a global hub for high-quality, responsibly sourced gemstones and to make this sector a cornerstone of the nation’s non-oil economy.

Unlocking Nigeria’s gemstone potential is more than an economic strategy; it is a national project. It promises the creation of hundreds of thousands of jobs, the attraction of significant foreign direct investment, and the establishment of Nigeria as Africa’s undisputed leader in gemstone beneficiation and jewelry design. The stones are in the ground. The vision is on the table. The future now depends on the collective will to build it.

Full credit to the original publisher: Sahel Standard – https://sahelstandard.com/news/25/nigerias-gemstone-industry-offers-multi-billion-dollar-opportunity-gmman/