Nigeria: Power Tool Market 2024

Power Tool Market Size in Nigeria

In 2021, after four years of growth, there was significant decline in the Nigerien power tool market, when its value decreased by -56.3% to $X. Overall, consumption, however, recorded a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Power Tool Exports

Exports from Nigeria

In 2021, shipments abroad of power tools decreased by -43.5% to X units, falling for the fourth year in a row after two years of growth. In general, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2017 with an increase of 54%. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, power tool exports dropped rapidly to $X in 2021. Overall, exports showed a precipitous decline. The most prominent rate of growth was recorded in 2017 with an increase of 40%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for power tool exports from Nigeria, with a 32% share of total exports. Moreover, power tool exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Germany (X units), sixfold. Angola (X units) ranked third in terms of total exports with a 1.2% share.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire stood at +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-37.7% per year) and Angola (-5.4% per year).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for power tools exports from Nigeria, comprising 16% of total exports. The second position in the ranking was held by Germany ($X), with a 6.6% share of total exports. It was followed by Angola, with a 1% share.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-33.3% per year) and Angola (-15.9% per year).

Export Prices by Country

In 2021, the average power tool export price amounted to $X per unit, increasing by 9.5% against the previous year. In general, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 137% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Ghana ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Nigeria

After four years of growth, overseas purchases of power tools decreased by -56.8% to X units in 2021. Overall, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2015 when imports increased by 553% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, power tool imports dropped significantly to $X in 2021. Over the period under review, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 124%. As a result, imports attained the peak of $X, and then fell markedly in the following year.

Imports by Country

In 2021, China (X units) constituted the largest power tool supplier to Nigeria, with a 88% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+16.1% per year) and the United Arab Emirates (-11.6% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Nigeria, comprising 88% of total imports. The second position in the ranking was taken by Germany ($X), with a 3.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+17.0% per year) and the United Arab Emirates (-9.2% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, rising by 10% against the previous year. In general, the import price showed a modest increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 346% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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