Nigeria: Tools For Bearing Market 2025

Tools For Bearing Market Size in Nigeria

After two years of growth, the Nigerien tools for bearing market decreased by -72.4% to $X in 2022. Overall, consumption, however, continues to indicate a significant expansion. Tools for bearing consumption peaked at $X in 2021, and then reduced remarkably in the following year.

Tools For Bearing Exports

Exports from Nigeria

In 2022, the amount of balls, needles and rollers for ball or roller bearings exported from Nigeria surged to X kg, growing by 56% compared with 2021. Overall, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 493% against the previous year. As a result, the exports attained the peak of X kg. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, tools for bearing exports surged to $X in 2022. Over the period under review, exports showed a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by 841%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X kg) and Cote d'Ivoire (X kg) were the main destinations of tools for bearing exports from Nigeria.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +23.7%).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for balls, needles and rollers for ball or roller bearings exports from Nigeria, comprising 69% of total exports. The second position in the ranking was held by Ghana ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +27.4%.

Export Prices by Country

The average tools for bearing export price stood at $X per ton in 2022, rising by 56% against the previous year. Over the period under review, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 504% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+5.4%).

Tools For Bearing Imports

Imports into Nigeria

In 2022, purchases abroad of balls, needles and rollers for ball or roller bearings decreased by -74.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 679%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced markedly in the following year.

In value terms, tools for bearing imports declined notably to $X in 2022. In general, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 450%. Over the period under review, imports attained the maximum at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of tools for bearing to Nigeria, accounting for a 69% share of total imports. Moreover, tools for bearing imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was taken by India (X tons), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +66.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+180.0% per year) and India (+27.8% per year).

In value terms, China ($X) constituted the largest supplier of balls, needles and rollers for ball or roller bearings to Nigeria, comprising 33% of total imports. The second position in the ranking was taken by France ($X), with a 13% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +54.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+55.6% per year) and Italy (+129.8% per year).

Import Prices by Country

In 2022, the average tools for bearing import price amounted to $X per ton, growing by 43% against the previous year. Overall, the import price, however, faced a deep reduction. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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