Nigeria: Market for Granite, Sandstone And Other Building Stone 2022

Market Size for Granite, Sandstone And Other Building Stone in Nigeria

In 2021, the Nigerien market for granite, sandstone and other building stone decreased by -80.2% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption recorded a abrupt descent. As a result, consumption attained the peak level of $X, and then reduced remarkably in the following year.

Production of Granite, Sandstone And Other Building Stone in Nigeria

In value terms, production of granite, sandstone and other building stone totaled $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Granite, Sandstone And Other Building Stone

Exports from Nigeria

In 2021, approx. X tons of granite, sandstone and other building stone were exported from Nigeria; growing by 3,219% compared with the year before. Overall, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of granite, sandstone and other building stone skyrocketed to $X in 2021. Over the period under review, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for exports of granite, sandstone and other building stone from Nigeria, with a 70% share of total exports. Moreover, exports of granite, sandstone and other building stone to China exceeded the volume sent to the second major destination, Italy (X tons), fourfold. Pakistan (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +57.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+836.6% per year) and Pakistan (+4,405.0% per year).

In value terms, China ($X) emerged as the key foreign market for granite, sandstone and other building stone exports from Nigeria, comprising 75% of total exports. The second position in the ranking was held by Poland ($X), with a 16% share of total exports. It was followed by Pakistan, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +58.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+1,836.9% per year) and Pakistan (+990.9% per year).

Export Prices by Country

In 2021, the average export price for granite, sandstone and other building stone amounted to $X per ton, dropping by -8.1% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 100%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, 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 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+99.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Granite, Sandstone And Other Building Stone

Imports into Nigeria

In 2021, the amount of granite, sandstone and other building stone imported into Nigeria dropped dramatically to X tons, waning by -52.1% compared with 2020. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 113%. As a result, imports reached the peak of X tons, and then reduced rapidly in the following year.

In value terms, imports of granite, sandstone and other building stone shrank dramatically to $X in 2021. In general, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 28%. As a result, imports attained the peak of $X, and then declined markedly in the following year.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and India (X tons) were the main suppliers of imports of granite, sandstone and other building stone to Nigeria, together accounting for 86% of total imports.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +78.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of granite, sandstone and other building stone to Nigeria, comprising 82% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 6.9% share of total imports. It was followed by Italy, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+26.6% per year) and Italy (-15.9% per year).

Import Prices by Country

The average import price for granite, sandstone and other building stone stood at $X per ton in 2021, waning by -66.8% against the previous year. In general, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by 62% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :