Nigeria: Lead Market 2024

Lead Market Size in Nigeria

In 2022, the Nigerien lead market decreased by -12.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Lead Production in Nigeria

In value terms, lead production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible decline. The pace of growth was the most pronounced in 2016 with an increase of 333% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Lead Exports

Exports from Nigeria

In 2022, overseas shipments of lead increased by 23% to X tons, rising for the second consecutive year after two years of decline. In general, exports recorded a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 414%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, lead exports surged to $X in 2022. Overall, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 243% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

South Korea (X tons), Vietnam (X tons) and India (X tons) were the main destinations of lead exports from Nigeria, together accounting for 43% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +88.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for lead exports from Nigeria, comprising 22% of total exports. The second position in the ranking was held by South Korea ($X), with an 11% share of total exports. It was followed by Vietnam, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+8.8% per year) and Vietnam (+95.5% per year).

Export Prices by Country

The average lead export price stood at $X per ton in 2022, picking up by 27% against the previous year. In general, the export price, however, showed a abrupt contraction. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+3.8%), while the prices for the other major destinations experienced mixed trend patterns.

Lead Imports

Imports into Nigeria

After four years of decline, supplies from abroad of lead increased by 58% to X tons in 2022. In general, imports, however, showed a precipitous slump. The growth pace was the most rapid in 2017 when imports increased by 440% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, lead imports soared to $X in 2022. Over the period under review, imports, however, faced a sharp setback. The most prominent rate of growth was recorded in 2017 when imports increased by 517%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of lead to Nigeria, with a 64% share of total imports. Moreover, lead imports from Australia exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. The third position in this ranking was held by Sweden (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Australia totaled -5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-9.7% per year) and Sweden (-31.2% per year).

In value terms, the largest lead suppliers to Nigeria were Sweden ($X), France ($X) and Australia ($X), together accounting for 72% of total imports.

In terms of the main suppliers, Sweden, with a CAGR of -5.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average lead import price stood at $X per ton in 2022, shrinking by -16.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 95% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+37.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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