Nigeria: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Nigeria

The Nigerien market for electrical boards, panels, consoles, desks and cabinets contracted remarkably to $X in 2021, waning by -43.9% 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). In general, consumption saw a abrupt decrease. Electric board, desk and panel consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports from Nigeria

In 2021, the amount of electrical boards, panels, consoles, desks and cabinets exported from Nigeria plummeted to X units, reducing by -87.1% on 2020 figures. Over the period under review, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2013 with an increase of 23,692%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, electric board, desk and panel exports declined sharply to $X in 2021. In general, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 14,960% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X units) was the main destination for electric board, desk and panel exports from Nigeria, accounting for a 86% share of total exports. Moreover, electric board, desk and panel exports to the UK exceeded the volume sent to the second major destination, Benin (X units), more than tenfold. The third position in this ranking was taken by Niger (X units), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to the UK amounted to +60.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (0.0% per year) and Niger (+5.0% per year).

In value terms, the UK ($X) remains the key foreign market for electrical boards, panels, consoles, desks and cabinets exports from Nigeria, comprising 38% of total exports. The second position in the ranking was held by Niger ($X), with a 13% share of total exports. It was followed by Benin, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK stood at +76.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+33.6% per year) and Benin (0.0% per year).

Export Prices by Country

In 2021, the average export price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, falling by -11.6% against the previous year. Overall, the export price, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by 285% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+52.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports into Nigeria

In 2021, the amount of electrical boards, panels, consoles, desks and cabinets imported into Nigeria dropped remarkably to X units, declining by -53.5% on the previous year's figure. Overall, imports saw a abrupt contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 30% against the previous year. Over the period under review, imports reached the maximum at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, electric board, desk and panel imports reduced remarkably to $X in 2021. In general, imports faced a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 65%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Egypt (X units) were the main suppliers of electric board, desk and panel imports to Nigeria, together accounting for 41% of total imports. Italy, Slovenia, Turkey, South Africa, Germany, France and the United Arab Emirates lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovenia (with a CAGR of +116.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X), Italy ($X) and Egypt ($X) were the largest electric board, desk and panel suppliers to Nigeria, with a combined 21% share of total imports. These countries were followed by China, Germany, France, South Africa, the United Arab Emirates, Slovenia and Turkey, which together accounted for a further 18%.

In terms of the main suppliers, Slovenia, with a CAGR of +70.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average import price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, with an increase of 32% against the previous year. Over the period under review, the import price posted a strong increase. The pace of growth was the most pronounced in 2015 an increase of 66% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for Slovenia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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