Nigeria: Market for Hand-Operated Drilling, Threading or Tapping Tools 2024

Market Size for Hand-Operated Drilling, Threading or Tapping Tools in Nigeria

The Nigerien market for hand-operated drilling, threading or tapping tools expanded significantly to $X in 2022, increasing by 10% 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). Overall, consumption, however, saw a buoyant increase. Consumption of peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Exports of Hand-Operated Drilling, Threading or Tapping Tools

Exports from Nigeria

In 2022, exports of hand-operated drilling, threading or tapping tools from Nigeria soared to X kg, jumping by 62% on 2021 figures. Over the period under review, exports, however, faced a abrupt decline. The growth pace was the most rapid in 2014 with an increase of 3,794%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of hand-operated drilling, threading or tapping tools shrank sharply to $X in 2022. In general, exports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 2,216%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Benin (X kg), Democratic Republic of the Congo (X kg) and Ghana (X kg) were the main destinations of exports of hand-operated drilling, threading or tapping tools from Nigeria, with a combined 97% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +34.2%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for hand-operated drilling, threading or tapping tool exported from Nigeria were Ghana ($X), Benin ($X) and Democratic Republic of the Congo ($X), together accounting for 84% of total exports.

Among the main countries of destination, Benin, with a CAGR of +23.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for hand-operated drilling, threading or tapping tools stood at $X per ton in 2022, declining by -60% against the previous year. In general, the export price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 165%. As a result, the export price reached the peak level of $X per ton, and then plummeted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to South Africa ($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 Democratic Republic of the Congo (+23.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hand-Operated Drilling, Threading or Tapping Tools

Imports into Nigeria

In 2022, purchases abroad of hand-operated drilling, threading or tapping tools decreased by -4.1% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 124% against the previous year. Over the period under review, imports of reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of hand-operated drilling, threading or tapping tools surged to $X in 2022. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 257% against the previous year. Over the period under review, imports of reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest hand-operated drilling, threading or tapping tool supplier to Nigeria, accounting for a 54% share of total imports. Moreover, imports of hand-operated drilling, threading or tapping tools from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Australia (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.8% per year) and Australia (+48.1% per year).

In value terms, China ($X) constituted the largest supplier of hand-operated drilling, threading or tapping tools to Nigeria, comprising 52% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by Germany, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.2% per year) and Germany (+15.8% per year).

Import Prices by Country

The average import price for hand-operated drilling, threading or tapping tools stood at $X per ton in 2022, with an increase of 35% against the previous year. In general, the import price showed a mild increase. The pace of growth appeared the most rapid in 2013 when the average import price increased by 64% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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