Nigeria: Acyclic Hydrocarbons Market 2022

Acyclic Hydrocarbons Market Size in Nigeria

The Nigerien acyclic hydrocarbons market fell slightly to $X in 2020, flattening at the previous year. In general, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2020, consumption stood at a somewhat lower figure.

Acyclic Hydrocarbons Production in Nigeria

In value terms, acyclic hydrocarbons production fell to $X in 2020 estimated in export prices. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X% y-o-y. Acyclic hydrocarbons production peaked at $X in 2016; however, from 2017 to 2020, production stood at a somewhat lower figure.

Acyclic Hydrocarbons Exports

Exports from Nigeria

In 2020, exports of acyclic hydrocarbons from Nigeria shrank to X tons, with a decrease of -X% compared with the previous year's figure. Overall, exports showed a deep reduction. The growth pace was the most rapid in 2017 with an increase of X% year-to-year. Exports peaked at X tons in 2007; however, from 2008 to 2020, exports remained at a lower figure.

In value terms, acyclic hydrocarbons exports shrank to $X in 2020. In general, exports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2012 when exports increased by X% against the previous year. Over the period under review, exports attained the peak figure at $X in 2007; however, from 2008 to 2020, exports remained at a lower figure.

Exports by Country

The U.S. (X tons) was the main destination for acyclic hydrocarbons exports from Nigeria, with a X% share of total exports. Moreover, acyclic hydrocarbons exports to the U.S. exceeded the volume sent to the second major destination, the Netherlands (X tons), fourfold.

From 2007 to 2020, the average annual rate of growth in terms of volume to the U.S. totaled -X%.

In value terms, the U.S. ($X) and the Netherlands ($X) constituted the largest markets for acyclic hydrocarbons exported from Nigeria worldwide.

Among the main countries of destination, the Netherlands recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2020, the average acyclic hydrocarbons export price amounted to $X per ton, growing by X% against the previous year. In general, export price indicated moderate growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, acyclic hydrocarbons export price increased by +X% against 2017 indices. The pace of growth appeared the most rapid in 2014 an increase of X% y-o-y. Over the period under review, average export prices hit record highs in 2020 and is expected to retain growth in the near future.

Prices varied noticeably by the country of destination; the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the U.S. amounted to $X per ton.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands.

Acyclic Hydrocarbons Imports

Imports into Nigeria

In 2020, supplies from abroad of acyclic hydrocarbons increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% year-to-year. Over the period under review, imports attained the peak figure in 2020 and are likely to continue growth in the immediate term.

In value terms, acyclic hydrocarbons imports surged to $X in 2020. Over the period under review, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2020 and are expected to retain growth in the immediate term.

Imports by Country

South Korea (X tons), Thailand (X tons) and Italy (X tons) were the main suppliers of acyclic hydrocarbons imports to Nigeria, with a combined X% share of total imports. The Netherlands, Greece and the United Arab Emirates lagged somewhat behind, together comprising a further X 2007 to 2020, the biggest increases were in Greece (+X% per year), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and Italy ($X) were the largest acyclic hydrocarbons suppliers to Nigeria, together accounting for X% of total imports. These countries were followed by the Netherlands, Greece and the United Arab Emirates, which together accounted for a further X (+X% per year) saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average acyclic hydrocarbons import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a pronounced downturn. The pace of growth appeared the most rapid in 2008 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. from 2009 to 2020, the growth in terms of the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Italy ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the United Arab Emirates, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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