Nigeria: Cement Clinker Market 2024

Cement Clinker Market Size in Nigeria

After five years of growth, the Nigerien cement clinker market decreased by less than 0.1% to $X in 2022. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Cement clinker consumption peaked at $X in 2021, and then declined slightly in the following year.

Cement Clinker Production in Nigeria

In value terms, cement clinker production fell slightly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 13% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Cement Clinker Exports

Exports from Nigeria

In 2022, shipments abroad of cement clinker decreased by -4.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 6,621%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell modestly in the following year.

In value terms, cement clinker exports dropped to $X in 2022. In general, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 6,460%. Over the period under review, the exports reached the maximum at $X in 2021, and then fell in the following year.

Exports by Country

Ghana (X tons) was the main destination for cement clinker exports from Nigeria, with a 93% share of total exports. Moreover, cement clinker exports to Ghana exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Ghana amounted to +116.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+52.7% per year) and Niger (+0.5% per year).

In value terms, Ghana ($X) emerged as the key foreign market for cement clinker exports from Nigeria, comprising 90% of total exports. The second position in the ranking was held by Belgium ($X), with a 6.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ghana totaled +62.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+38.2% per year) and Niger (+4.3% per year).

Export Prices by Country

The average cement clinker export price stood at $X per ton in 2022, declining by -1.8% against the previous year. In general, the export price showed a slight shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 129% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Ghana ($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 Cameroon (+8.5%), while the prices for the other major destinations experienced mixed trend patterns.

Cement Clinker Imports

Imports into Nigeria

In 2022, purchases abroad of cement clinker was finally on the rise to reach X tons for the first time since 2014, thus ending a seven-year declining trend. In general, imports, however, recorded a precipitous setback. The most prominent rate of growth was recorded in 2014 with an increase of 36% 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, cement clinker imports dropped to $X in 2022. Over the period under review, imports, however, recorded a significant decrease. The pace of growth was the most pronounced in 2020 when imports increased by 13% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Greece (X tons), Portugal (X tons) and Turkey (X tons) were the main suppliers of cement clinker imports to Nigeria, with a combined 96% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of -34.8%), while imports for the other leaders experienced a decline.

In value terms, Greece ($X) constituted the largest supplier of cement clinker to Nigeria, comprising 77% of total imports. The second position in the ranking was held by Portugal ($X), with a 14% share of total imports. It was followed by Turkey, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value from Greece amounted to -36.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (-33.0% per year) and Turkey (-51.2% per year).

Import Prices by Country

The average cement clinker import price stood at $X per ton in 2022, dropping by -8.5% against the previous year. Over the period under review, the import price, however, showed a measured expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 36% against the previous year. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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 South Korea ($X per ton), while the price for the United States ($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 (+36.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :