Nigeria: Office Metal Staple Market 2024

Office Metal Staple Market Size in Nigeria

The Nigerien office metal staple market soared to $X in 2022, jumping by 172% 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 showed a measured increase. Office metal staple consumption peaked in 2022 and is likely to see steady growth in the near future.

Office Metal Staple Exports

Exports from Nigeria

Office metal staple exports from Nigeria expanded markedly to X kg in 2022, surging by 5.4% against the previous year. Overall, exports, however, recorded a sharp decline. The most prominent rate of growth was recorded in 2015 when exports increased by 1,276% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, office metal staple exports shrank modestly to $X in 2022. In general, exports, however, recorded a deep setback. The growth pace was the most rapid in 2015 when exports increased by 724% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Benin (X kg) was the main destination for office metal staple exports from Nigeria, with a 67% share of total exports. Moreover, office metal staple exports to Benin exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), fourfold. Canada (X kg) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin amounted to -22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+4.3% per year) and Canada (0.0% per year).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for base metal staples in strips for use in offices exports from Nigeria, comprising 92% of total exports. The second position in the ranking was taken by Canada ($X), with a 4.3% share of total exports. It was followed by Benin, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Benin (-95.7% per year).

Export Prices by Country

The average office metal staple export price stood at $X per ton in 2022, falling by -9.8% against the previous year. Overall, the export price, however, saw a remarkable increase. The pace of growth was the most pronounced in 2019 when the average export price increased by 1,238% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($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 Ghana (+2.1%), while the prices for the other major destinations experienced a decline.

Office Metal Staple Imports

Imports into Nigeria

In 2022, office metal staple imports into Nigeria surged to X tons, jumping by 149% compared with 2021. Overall, imports recorded a modest expansion. The most prominent rate of growth was recorded in 2021 with an increase of 481%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, office metal staple imports soared to $X in 2022. Over the period under review, imports enjoyed a measured increase. The most prominent rate of growth was recorded in 2021 when imports increased by 431% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest office metal staple supplier to Nigeria, accounting for a 89% share of total imports. Moreover, office metal staple imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), tenfold. India (X tons) ranked third in terms of total imports with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+11.4% per year) and India (-11.1% per year).

In value terms, China ($X) constituted the largest supplier of base metal staples in strips for use in offices to Nigeria, comprising 87% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 8% share of total imports. It was followed by India, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+7.3% per year) and India (-15.2% per year).

Import Prices by Country

The average office metal staple import price stood at $X per ton in 2022, increasing by 22% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, office metal staple import price increased by +30.7% against 2019 indices. The pace of growth was the most pronounced in 2015 when the average import price increased by 40% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 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 the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+15.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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