Nigeria: Crane Market 2024

Crane Market Size in Nigeria

The Nigerien crane market surged to $X in 2022, growing by 26% 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 continues to indicate a notable expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Crane Exports

Exports from Nigeria

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 27% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports recorded resilient growth. The pace of growth appeared the most rapid in 2016 when exports increased by 317%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crane exports dropped sharply to $X in 2022. Overall, exports recorded a measured increase. The most prominent rate of growth was recorded in 2016 when exports increased by 244% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for crane exports from Nigeria, with a 74% share of total exports. Moreover, crane exports to Cote d'Ivoire exceeded the volume sent to the second major destination, the United States (X units), sevenfold. The Netherlands (X units) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at +205.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.6% per year) and the Netherlands (+35.7% per year).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Nigeria, comprising 63% of total exports. The second position in the ranking was held by Congo ($X), with a 27% share of total exports. It was followed by the Netherlands, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +128.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Congo (+16.5% per year) and the Netherlands (+59.0% per year).

Export Prices by Country

The average crane export price stood at $X per unit in 2022, with a decrease of -37% against the previous year. In general, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 46% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Congo ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Nigeria

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were imported into Nigeria; with an increase of 15% compared with the previous year's figure. Overall, imports saw a prominent increase. The growth pace was the most rapid in 2018 when imports increased by 554% against the previous year. Over the period under review, imports attained the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crane imports skyrocketed to $X in 2022. Over the period under review, imports recorded a measured expansion. The most prominent rate of growth was recorded in 2018 with an increase of 426%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to Nigeria, accounting for a 33% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. Italy (X units) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.4% per year) and Italy (+11.9% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Nigeria, comprising 49% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Benin, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+45.2% per year) and Benin (+31.4% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, picking up by 13% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

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 Malaysia ($X per unit), while the price for Algeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+27.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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