ECOWAS: Nitrogen Market 2024

Nitrogen Market Size in ECOWAS

The ECOWAS nitrogen market dropped to $X in 2021, shrinking by -8.1% against the previous year. Overall, consumption, however, enjoyed a strong increase. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank in the following year.

Nitrogen Production in ECOWAS

In value terms, nitrogen production contracted to $X in 2021 estimated in export price. In general, production, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2016 with an increase of 44%. The level of production peaked at $X in 2020, and then reduced in the following year.

Nitrogen Exports

Exports in ECOWAS

In 2021, overseas shipments of nitrogen decreased by -73.4% to X cubic meters, falling for the second consecutive year after three years of growth. In general, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2017 when exports increased by 375% against the previous year. Over the period under review, the exports attained the peak figure at X cubic meters in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports declined sharply to $X in 2021. Over the period under review, exports showed a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 97%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, recording X cubic meters, which was approx. 70% of total exports in 2021. It was distantly followed by Burkina Faso (X cubic meters) and Senegal (X cubic meters), together making up a 14% share of total exports. Guinea (X cubic meters), Ghana (X cubic meters), Nigeria (X cubic meters) and Mali (X cubic meters) followed a long way behind the leaders.

Exports from Cote d'Ivoire decreased at an average annual rate of -2.8% from 2012 to 2021. At the same time, Senegal (+22.1%), Mali (+18.0%), Burkina Faso (+10.3%), Guinea (+4.5%) and Nigeria (+1.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.1% from 2012-2021. By contrast, Ghana (-15.6%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+16 p.p.), Burkina Faso (+6.1 p.p.), Senegal (+4.8 p.p.), Guinea (+4.3 p.p.), Mali (+2.3 p.p.) and Nigeria (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-7.5 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest nitrogen supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was held by Mali ($X), with a 12% share of total exports. It was followed by Senegal, with an 11% share.

In Cote d'Ivoire, nitrogen exports contracted by an average annual rate of -8.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mali (+28.9% per year) and Senegal (+22.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per cubic meter in 2021, increasing by 43% against the previous year. Over the period under review, the export price, however, showed a deep setback. The growth pace was the most rapid in 2013 when the export price increased by 43%. As a result, the export price reached the peak level of $X per cubic meter. From 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mali ($X per cubic meter), while Guinea ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+9.2%), while the other leaders experienced more modest paces of growth.

Nitrogen Imports

Imports in ECOWAS

In 2021, approx. X cubic meters of nitrogen were imported in ECOWAS; jumping by 20% against the previous year's figure. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 211%. Over the period under review, imports attained the peak figure at X cubic meters in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports reduced sharply to $X in 2021. In general, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 155%. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of nitrogen imports in 2021 were Mali (X cubic meters), Guinea (X cubic meters) and Senegal (X cubic meters), together accounting for 86% of total import. It was distantly followed by Ghana (X cubic meters), comprising a 5.4% share of total imports. The following importers - Gambia (X cubic meters), Nigeria (X cubic meters) and Cote d'Ivoire (X cubic meters) - each resulted at a 5.5% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +127.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrogen importing markets in ECOWAS were Senegal ($X), Guinea ($X) and Mali ($X), with a combined 59% share of total imports.

Guinea, with a CAGR of +66.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2021, dropping by -36% against the previous year. Overall, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2016 when the import price increased by 55% against the previous year. The level of import peaked at $X per cubic meter in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per cubic meter), while Mali ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform