VAT on Silver in Nigeria
Silver bars and coins from VAT-registered sellers carry 7.5% VAT. Silver jewellery carries 7.5% VAT from VAT-registered sellers. Today 10 grams of fine silver cost ₦21,246 at the world price and about ₦22,840 with tax and duty.
Rules checked 26 October 2026 · Prices Oct 30, 2026, 21:55 UTC · Not tax advice
Silver in Nigeria today, with tax
NGN · Oct 30, 2026, 21:55 UTC| Weight | World price, fine silver | Bar, with tax and duty | Sterling (925) jewellery metal, with tax |
|---|---|---|---|
| 1 gram | ₦2,125 | ₦2,284 | ₦2,113 |
| 10 grams | ₦21,246 | ₦22,840 | ₦21,127 |
| 1 ounce | ₦66,084 | ₦71,040 | ₦65,712 |
| 100 grams | ₦212,464 | ₦228,399 | ₦211,269 |
| 500 grams | ₦1,062,322 | ₦1,141,996 | ₦1,056,346 |
The rules in Nigeria
| What you buy | Tax | Details |
|---|---|---|
| Bars | 7.5% | Silver bars and coins from VAT-registered sellers carry 7.5% VAT. The Nigeria Tax Act 2025 (in force 1 January 2026) kept VAT at 7.5%. Precious metals are not among the exempt supplies in section 186 or the main zero-rated categories. |
| Jewellery | 7.5% | Silver jewellery carries 7.5% VAT from VAT-registered sellers. Charged on: full value. |
| Import duty | not verified | Almost all silver is imported and pays ECOWAS Common External Tariff duty and levies; the rate for silver bars was not checked. |
| Tourist refund | No | Nigeria has no VAT refund scheme for tourists. |
Compared with nearby countries
| Country | Bars | Jewellery | Import duty |
|---|---|---|---|
| Nigeria | 7.5% | 7.5% | not verified |
| 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 silver | none |
| South Africa | 15% | 15% | not verified |
| Kenya | 16% | 16% | not verified |
| Ghana | 20% | 20% | not verified |
VAT on Silver in Nigeria: FAQ
Is there VAT on silver in Nigeria?
Silver bars and coins from VAT-registered sellers carry 7.5% VAT. Silver jewellery carries 7.5% VAT from VAT-registered sellers.
Do you pay VAT on silver bars and coins in Nigeria?
Silver bars and coins from VAT-registered sellers carry 7.5% VAT. The Nigeria Tax Act 2025 (in force 1 January 2026) kept VAT at 7.5%. Precious metals are not among the exempt supplies in section 186 or the main zero-rated categories.
Is there import duty on silver in Nigeria?
Not verified. Almost all silver is imported and pays ECOWAS Common External Tariff duty and levies; the rate for silver bars was not checked.
Can tourists claim back the VAT on silver in Nigeria?
No. Nigeria has no VAT refund scheme for tourists.
Sources (2)
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.