Nigeria: Magnetic Card Market 2024

Magnetic Card Market Size in Nigeria

The Nigerien magnetic card market amounted to $X in 2021, rising by 3.7% against the previous year. Over the period under review, consumption, however, saw a perceptible setback. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Magnetic Card Production in Nigeria

In value terms, magnetic card production surged to $X in 2021 estimated in export price. In general, production saw a mild increase. The growth pace was the most rapid in 2016 when the production volume increased by 77% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Magnetic Card Exports

Exports from Nigeria

In 2021, the amount of cards incorporating a magnetic stripe exported from Nigeria shrank rapidly to X units, which is down by -72.2% on the previous year. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 470,526%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, magnetic card exports fell significantly to $X in 2021. Overall, exports, however, posted significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 249,333%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Cameroon (X units), Cote d'Ivoire (X units) and Congo (X units) were the main destinations of magnetic card exports from Nigeria, together accounting for 94% of total exports.

From 2012 to 2021, the biggest increases were recorded for Congo (with a CAGR of +148.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Cameroon ($X) and Congo ($X) were the largest markets for magnetic card exported from Nigeria worldwide, with a combined 97% share of total exports.

Congo, with a CAGR of +151.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average magnetic card export price stood at $X per unit in 2021, with a decrease of -5.9% against the previous year. Overall, the export price, however, showed perceptible growth. The pace of growth appeared the most rapid in 2019 when the average export price increased by 190% against the previous year. The export price peaked at $X per unit in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Congo ($X per unit), while the average price for exports to Benin ($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 Cameroon (+2.2%), while the prices for the other major destinations experienced a decline.

Magnetic Card Imports

Imports into Nigeria

After four years of growth, overseas purchases of cards incorporating a magnetic stripe decreased by -76.1% to X units in 2021. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 1,235% against the previous year. Over the period under review, imports reached the maximum at X units in 2020, and then reduced remarkably in the following year.

In value terms, magnetic card imports declined remarkably to $X in 2021. Overall, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by 471%. Over the period under review, imports hit record highs at $X in 2020, and then declined sharply in the following year.

Imports by Country

In 2021, China (X units) constituted the largest magnetic card supplier to Nigeria, with a 78% share of total imports. Moreover, magnetic card imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), ninefold. Turkey (X units) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +154.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+16.3% per year) and Turkey (+74.0% per year).

In value terms, China ($X) constituted the largest supplier of cards incorporating a magnetic stripe to Nigeria, comprising 66% of total imports. The second position in the ranking was taken by Singapore ($X), with a 12% share of total imports. It was followed by Turkey, with a 3.1% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +138.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+1.7% per year) and Turkey (+66.1% per year).

Import Prices by Country

The average magnetic card import price stood at $X per unit in 2021, growing by 20% against the previous year. Over the period under review, the import price, however, faced a dramatic shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 45% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-4.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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