Nigeria: Crude Granite Market 2024

Crude Granite Market Size in Nigeria

The Nigerien crude granite market reduced to $X in 2022, with a decrease of -9.7% against the previous year. Over the period under review, consumption, however, posted a perceptible expansion. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Crude Granite Production in Nigeria

In value terms, crude granite production declined to $X in 2022 estimated in export price. Overall, production, however, recorded a measured expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 67% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Crude Granite Exports

Exports from Nigeria

In 2022, after two years of growth, there was significant decline in shipments abroad of granite (crude), when their volume decreased by -48.3% to X tons. Over the period under review, exports, however, showed a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 2,773% against the previous year. As a result, the exports attained the peak of X tons, and then plummeted in the following year.

In value terms, crude granite exports fell notably to $X in 2022. Overall, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 2,773%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

China (X tons) was the main destination for crude granite exports from Nigeria, accounting for a 77% share of total exports. Moreover, crude granite exports to China exceeded the volume sent to the second major destination, Italy (X tons), fivefold. The third position in this ranking was taken by Poland (X tons), with a 3.7% share.

From 2020 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+93.0% per year) and Poland (+100.0% per year).

In value terms, China ($X) emerged as the key foreign market for granite (crude) exports from Nigeria, comprising 75% of total exports. The second position in the ranking was held by Poland ($X), with a 15% share of total exports. It was followed by Pakistan, with a 7.5% share.

From 2020 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+196.1% per year) and Pakistan (+161.6% per year).

Export Prices by Country

In 2022, the average crude granite export price amounted to $X per ton, standing approx. at the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by less than 0.1% against the previous year. As a result, the export price reached the peak level of $X per ton, leveling off in the following year.

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

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+48.1%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Granite Imports

Imports into Nigeria

In 2022, after two years of growth, there was significant decline in supplies from abroad of granite (crude), when their volume decreased by -49.8% to X tons. Over the period under review, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 22,349%. As a result, imports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, crude granite imports dropped rapidly to $X in 2022. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 22,349%. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

China (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of crude granite imports to Nigeria, together accounting for 81% of total imports. Spain, Italy and Egypt lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +64.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of granite (crude) to Nigeria, comprising 79% of total imports. The second position in the ranking was taken by Italy ($X), with a 4.4% share of total imports. It was followed by the United Arab Emirates, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +72.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+37.9% per year) and the United Arab Emirates (+9.4% per year).

Import Prices by Country

In 2022, the average crude granite import price amounted to $X per ton, stabilizing at the previous year. Overall, the import price, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 89%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, 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 China ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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