Nigeria: Market for Chromium Ores and Concentrates 2025

Market Size for Chromium Ores and Concentrates in Nigeria

In 2022, the Nigerien chromium ore and concentrate market increased by 1,632% to $X, rising for the third year in a row after two years of decline. In general, consumption recorded significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Chromium Ores and Concentrates in Nigeria

In value terms, chromium ore and concentrate production skyrocketed to $X in 2022 estimated in export price. Overall, production continues to indicate a drastic downturn. Chromium ore and concentrate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Chromium Ores and Concentrates

Exports from Nigeria

In 2021, approx. X tons of chromium ores and concentrates were exported from Nigeria; jumping by 910% on the year before. Overall, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, chromium ore and concentrate exports surged to $X in 2021. In general, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for chromium ore and concentrate exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2020 to 2021, the average annual rate of growth in terms of volume to China totaled +1,753.6%.

In value terms, China ($X) also remains the key foreign market for chromium ores and concentrates exports from Nigeria.

From 2020 to 2021, the average annual rate of growth in terms of value to China amounted to +1,591.7%.

Export Prices by Country

The average chromium ore and concentrate export price stood at $X per ton in 2021, shrinking by -5.3% against the previous year. In general, the export price saw a deep downturn. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then shrank in the following year.

As there is only one major export destination, the average price level is determined by prices for China.

From 2020 to 2021, the rate of growth in terms of prices for China amounted to -8.8% per year.

Imports of Chromium Ores and Concentrates

Imports into Nigeria

Chromium ore and concentrate imports into Nigeria skyrocketed to X tons in 2022, picking up by 19% against the previous year's figure. Over the period under review, imports, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 147% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, chromium ore and concentrate imports skyrocketed to $X in 2022. In general, imports, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2020 when imports increased by 184%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons) constituted the largest chromium ore and concentrate supplier to Nigeria, accounting for a 57% share of total imports. Moreover, chromium ore and concentrate imports from South Africa exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was held by the UK (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from South Africa was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-0.0% per year) and the UK (+28.6% per year).

In value terms, the largest chromium ore and concentrate suppliers to Nigeria were South Africa ($X), the Netherlands ($X) and the UK ($X), together comprising 95% of total imports.

The UK, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average chromium ore and concentrate import price stood at $X per ton in 2022, surging by 13% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 25% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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