Nigeria: Aluminium Foil Market 2024

Aluminium Foil Market Size in Nigeria

The Nigerien aluminium foil market skyrocketed to $X in 2022, picking up by 91% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a buoyant expansion. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in the near future.

Aluminium Foil Exports

Exports from Nigeria

Aluminium foil exports from Nigeria reduced remarkably to X tons in 2022, falling by -84.8% on 2021 figures. Overall, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 426% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, aluminium foil exports shrank sharply to $X in 2022. Over the period under review, exports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2021 with an increase of 253% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X tons) was the main destination for aluminium foil exports from Nigeria, with a 85% share of total exports. Moreover, aluminium foil exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), sixfold. China (X kg) ranked third in terms of total exports with a 0.2% share.

From 2012 to 2022, the average annual growth rate of volume to Ghana totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+7.5% per year) and China (-64.2% per year).

In value terms, Ghana ($X) remains the key foreign market for aluminium foil exports from Nigeria, comprising 96% of total exports. The second position in the ranking was taken by Benin ($X), with a 1.5% share of total exports. It was followed by China, with a 0.9% share.

From 2012 to 2022, the average annual growth rate of value to Ghana stood at -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-4.6% per year) and China (-56.4% per year).

Export Prices by Country

In 2022, the average aluminium foil export price amounted to $X per ton, increasing by 32% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 110% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+22.0%), while the prices for the other major destinations experienced a decline.

Aluminium Foil Imports

Imports into Nigeria

In 2022, imports of aluminium foil into Nigeria skyrocketed to X tons, growing by 73% compared with 2021 figures. In general, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 135% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, aluminium foil imports surged to $X in 2022. Over the period under review, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest aluminium foil supplier to Nigeria, accounting for a 68% share of total imports. Moreover, aluminium foil imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was held by the Netherlands (X tons), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-3.5% per year) and the Netherlands (+27.0% per year).

In value terms, China ($X) constituted the largest supplier of aluminium foil to Nigeria, comprising 52% of total imports. The second position in the ranking was held by India ($X), with a 6.9% share of total imports. It was followed by Germany, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.7% per year) and Germany (+8.0% per year).

Import Prices by Country

The average aluminium foil import price stood at $X per ton in 2022, increasing by 19% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 39% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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