Nigeria: Black Printing Ink Market 2024

Black Printing Ink Market Size in Nigeria

In 2022, the Nigerien black printing ink market decreased by -14.1% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption, however, faced a abrupt setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Black Printing Ink Exports

Exports from Nigeria

In 2022, shipments abroad of black printing ink was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 154% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, black printing ink exports soared to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 184%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone (X tons) was the main destination for black printing ink exports from Nigeria, with a 59% share of total exports. Moreover, black printing ink exports to Sierra Leone exceeded the volume sent to the second major destination, Ghana (X kg), threefold. The third position in this ranking was held by Gambia (X kg), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sierra Leone amounted to +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+3.4% per year) and Gambia (+29.8% per year).

In value terms, Sierra Leone ($X) remains the key foreign market for black printing ink exports from Nigeria, comprising 62% of total exports. The second position in the ranking was held by Ghana ($X), with a 19% share of total exports. It was followed by Benin, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to Sierra Leone was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+3.2% per year) and Benin (+20.1% per year).

Export Prices by Country

In 2022, the average black printing ink export price amounted to $X per ton, surging by 25% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Burkina Faso ($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 Benin (+1.6%), while the prices for the other major destinations experienced a decline.

Black Printing Ink Imports

Imports into Nigeria

After two years of decline, purchases abroad of black printing ink increased by 19% to X tons in 2022. In general, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 304% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, black printing ink imports reduced rapidly to $X in 2022. Overall, imports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2018 when imports increased by 390% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Swaziland (X tons), China (X tons) and India (X tons) were the main suppliers of black printing ink imports to Nigeria, with a combined 77% share of total imports. Switzerland, the UK, South Korea, the United States, Belgium and Spain lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +1.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest black printing ink suppliers to Nigeria were Swaziland ($X), Switzerland ($X) and China ($X), with a combined 74% share of total imports. India, the UK, the United States, South Korea, Belgium and Spain lagged somewhat behind, together accounting for a further 13%.

The United States, with a CAGR of +1.5%, recorded 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 a decline.

Import Prices by Country

The average black printing ink import price stood at $X per ton in 2022, reducing by -51% against the previous year. Overall, the import price saw a mild descent. The growth pace was the most rapid in 2014 when the average import price increased by 127%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 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 Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform