Nigeria: Fork-Lift Truck Market 2025

Fork-Lift Truck Market Size in Nigeria

In 2022, after four years of growth, there was significant decline in the Nigerien fork-lift truck market, when its value decreased by -81.6% to $X. In general, consumption, however, recorded a buoyant increase. As a result, consumption attained the peak level of $X, and then contracted rapidly in the following year.

Fork-Lift Truck Exports

Exports from Nigeria

In 2022, approx. X units of fork-lift trucks were exported from Nigeria; which is down by -50% compared with the year before. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 50%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, fork-lift truck exports declined to $X in 2022. In general, exports continue to indicate a perceptible descent. The growth pace was the most rapid in 2017 with an increase of 106%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X units), Benin (X units) and Belgium (X units) were the main destinations of fork-lift truck exports from Nigeria.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Ghana ($X) remains the key foreign market for fork-lift trucks exports from Nigeria, comprising 67% of total exports. The second position in the ranking was held by Benin ($X), with a 33% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana amounted to +51.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+6.6% per year) and Belgium (-26.6% per year).

Export Prices by Country

In 2022, the average fork-lift truck export price amounted to $X per unit, jumping by 78% against the previous year. In general, the export price continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2020 an increase of 87%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Belgium ($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 the Netherlands (+635.0%), while the prices for the other major destinations experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports into Nigeria

In 2022, after four years of growth, there was significant decline in supplies from abroad of fork-lift trucks, when their volume decreased by -81.6% to X units. Overall, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 319%. As a result, imports attained the peak of X units, and then fell rapidly in the following year.

In value terms, fork-lift truck imports shrank rapidly to $X in 2022. In general, imports, however, posted a notable expansion. The pace of growth appeared the most rapid in 2019 with an increase of 88% against the previous year. Imports peaked at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

Poland (X units), China (X units) and India (X units) were the main suppliers of fork-lift truck imports to Nigeria, with a combined 75% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +108.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fork-lift truck suppliers to Nigeria were Germany ($X), China ($X) and Japan ($X), together accounting for 56% of total imports. Poland, India, Saudi Arabia and Singapore lagged somewhat behind, together comprising a further 9.2%.

Among the main suppliers, Poland, with a CAGR of +52.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fork-lift truck import price stood at $X per unit in 2022, picking up by 247% against the previous year. Overall, the import price, however, continues to indicate a pronounced setback. The import price peaked at $X per unit in 2017; however, from 2018 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 ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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