Nigeria: Cotton Lint Market 2024

Cotton Lint Market Size in Nigeria

In 2022, after three years of decline, there was significant growth in the Nigerien cotton lint market, when its value increased by 20% to $X. Overall, consumption, however, showed a slight reduction. Cotton lint consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Cotton Lint Production in Nigeria

In value terms, cotton lint production stood at $X in 2022 estimated in export price. In general, production, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 18% against the previous year. Cotton lint production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

The average yield of cotton lint in Nigeria skyrocketed to X kg per ha in 2022, growing by 17% against 2021. Overall, the yield, however, saw a noticeable setback. The pace of growth appeared the most rapid in 2016 with an increase of 18%. Over the period under review, the average cotton lint yield attained the maximum level at X tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the cotton lint harvested area in Nigeria reached X ha, therefore, remained relatively stable against 2021. The harvested area increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 28% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2014 to 2022, the growth of the cotton lint harvested area remained at a somewhat lower figure.

Cotton Lint Exports

Exports from Nigeria

In 2022, after five years of growth, there was significant decline in shipments abroad of cotton lint, when their volume decreased by -67.5% to X tons. In general, exports faced a significant decrease. The most prominent rate of growth was recorded in 2020 with an increase of 377%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, cotton lint exports shrank dramatically to $X in 2022. Over the period under review, exports continue to indicate a sharp contraction. The pace of growth appeared the most rapid in 2017 with an increase of 403% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for cotton lint exports from Nigeria, with a 73% share of total exports. Moreover, cotton lint exports to Australia exceeded the volume sent to the second major destination, Brazil (X tons), threefold. Ghana (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia amounted to -14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-14.7% per year) and Ghana (-3.8% per year).

In value terms, Australia ($X) remains the key foreign market for cotton lint exports from Nigeria, comprising 95% of total exports. The second position in the ranking was held by Brazil ($X), with a 1.5% share of total exports. It was followed by Ghana, with a 0.9% share.

From 2012 to 2022, the average annual growth rate of value to Australia totaled -13.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-35.3% per year) and Ghana (-14.2% per year).

Export Prices by Country

In 2022, the average cotton lint export price amounted to $X per ton, increasing by 75% against the previous year. In general, the export price, however, showed a slight descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to France ($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 Australia (+1.2%), while the prices for the other major destinations experienced a decline.

Cotton Lint Imports

Imports into Nigeria

In 2022, the amount of cotton lint imported into Nigeria soared to X tons, jumping by 372% on the year before. Overall, imports saw significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 13,880%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, cotton lint imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 9,966% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cameroon (X tons) constituted the largest supplier of cotton lint to Nigeria, with a 77% share of total imports. Moreover, cotton lint imports from Cameroon exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Cameroon totaled +68.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+99.0% per year) and Benin (-22.4% per year).

In value terms, Cameroon ($X) constituted the largest supplier of cotton lint to Nigeria, comprising 68% of total imports. The second position in the ranking was taken by China ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Cameroon totaled +90.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+104.4% per year) and Benin (-11.3% per year).

Import Prices by Country

The average cotton lint import price stood at $X per ton in 2022, picking up by 50% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 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 Benin ($X per ton), while the price for Cameroon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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