Nigeria: Lithium-Ion Accumulator Market 2024

Lithium-Ion Accumulator Market Size in Nigeria

After three years of growth, the Nigerien lithium-ion accumulator market decreased by -48.7% to $X in 2021. Overall, consumption, however, posted significant growth. Over the period under review, the market hit record highs at $X in 2020, and then fell rapidly in the following year.

Lithium-Ion Accumulator Production in Nigeria

In value terms, lithium-ion accumulator production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded prominent growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 51%. Lithium-ion accumulator production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Lithium-Ion Accumulator Exports

Exports from Nigeria

In 2021, overseas shipments of lithium-ion accumulators increased by 0.8% to X units, rising for the third year in a row after two years of decline. Overall, exports saw a perceptible expansion. The pace of growth appeared the most rapid in 2014 with an increase of 236%. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, lithium-ion accumulator exports contracted markedly to $X in 2021. In general, exports, however, showed a slight shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 439% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin (X units), Cote d'Ivoire (X units) and Rwanda (X units) were the main destinations of lithium-ion accumulator exports from Nigeria, with a combined 76% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Rwanda (with a CAGR of +69.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for lithium-ion accumulators exports from Nigeria, comprising 38% of total exports. The second position in the ranking was held by Benin ($X), with an 18% share of total exports. It was followed by the Netherlands, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire totaled -8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (0.0% per year) and the Netherlands (+4.8% per year).

Export Prices by Country

The average lithium-ion accumulator export price stood at $X per unit in 2021, falling by -31.6% against the previous year. In general, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 an increase of 246%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was South Africa ($X per unit), while the average price for exports to Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+68.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lithium-Ion Accumulator Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in supplies from abroad of lithium-ion accumulators, when their volume decreased by -52% to X units. In general, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 5,447%. Imports peaked at X units in 2020, and then shrank markedly in the following year.

In value terms, lithium-ion accumulator imports reduced rapidly to $X in 2021. Over the period under review, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 3,760%. Imports peaked at $X in 2020, and then fell rapidly in the following year.

Imports by Country

Mexico (X units), China (X units) and Vietnam (X units) were the main suppliers of lithium-ion accumulator imports to Nigeria, with a combined 59% share of total imports.

From 2015 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +428,085.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of lithium-ion accumulators to Nigeria, comprising 51% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total imports.

From 2015 to 2021, the average annual rate of growth in terms of value from Mexico amounted to +149.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+422,471.0% per year) and China (+47.8% per year).

Import Prices by Country

The average lithium-ion accumulator import price stood at $X per unit in 2021, growing by 6.6% against the previous year. Overall, the import price, however, saw a abrupt decrease. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform