Nigeria: Metal Skid Chain Market 2025

Metal Skid Chain Market Size in Nigeria

For the fourth consecutive year, the Nigerien metal skid chain market recorded decline in sales value, which decreased by -87.6% to $X in 2021. In general, consumption showed a dramatic decline. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Metal Skid Chain Exports

Exports from Nigeria

After three years of growth, shipments abroad of iron or steel skid chain decreased by -11.7% to X tons in 2021. In general, exports, however, saw a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 118% against the previous year. The exports peaked at X tons in 2020, and then declined in the following year.

In value terms, metal skid chain exports rose remarkably to $X in 2021. Over the period under review, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.1% against 2016 indices. The growth pace was the most rapid in 2013 when exports increased by 86%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Sao Tome and Principe (X tons) was the main destination for metal skid chain exports from Nigeria, accounting for a 94% share of total exports. Moreover, metal skid chain exports to Sao Tome and Principe exceeded the volume sent to the second major destination, Ghana (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Sao Tome and Principe totaled +81.3%.

In value terms, the largest markets for metal skid chain exported from Nigeria were Ghana ($X) and Sao Tome and Principe ($X).

In terms of the main countries of destination, Sao Tome and Principe, with a CAGR of +59.7%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average metal skid chain export price stood at $X per ton in 2021, surging by 24% against the previous year. Over the period under review, the export price, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 when the average export price increased by 55% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Sao Tome and Principe amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+18.2%).

Metal Skid Chain Imports

Imports into Nigeria

In 2021, the amount of iron or steel skid chain imported into Nigeria contracted rapidly to X tons, which is down by -77.6% compared with the previous year's figure. In general, imports saw a sharp contraction. The pace of growth appeared the most rapid in 2017 when imports increased by 656%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, metal skid chain imports contracted notably to $X in 2021. Overall, imports recorded a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 615%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest metal skid chain supplier to Nigeria, with a 65% share of total imports. Moreover, metal skid chain imports from the United States exceeded the figures recorded by the second-largest supplier, Denmark (X tons), threefold. The third position in this ranking was held by the UK (X kg), with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-10.6% per year) and the UK (-23.5% per year).

In value terms, the United States ($X) constituted the largest supplier of iron or steel skid chain to Nigeria, comprising 84% of total imports. The second position in the ranking was taken by the UK ($X), with a 4.5% share of total imports. It was followed by Denmark, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-24.4% per year) and Denmark (-20.4% per year).

Import Prices by Country

The average metal skid chain import price stood at $X per ton in 2021, growing by 25% against the previous year. Overall, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal skid chain import price increased by +55.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 124% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Denmark ($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 (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :