Nigeria: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in Nigeria

The Nigerien machine-tool for removing material market was estimated at $X in 2021, increasing by 6.8% against the previous year. Over the period under review, consumption continues to indicate modest growth. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Production of Machine-Tools For Working Any Material By Removal Of Material in Nigeria

In value terms, machine-tool for removing material production rose modestly to $X in 2021 estimated in export price. In general, production recorded a pronounced expansion. The growth pace was the most rapid in 2017 when the production volume increased by 36% against the previous year. Machine-tool for removing material production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from Nigeria

For the third year in a row, Nigeria recorded growth in shipments abroad of machine-tools for working any material by removal of material, which increased by 100% to X units in 2021. In general, exports, however, faced a sharp decline. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine-tool for removing material exports shrank slightly to $X in 2021. Over the period under review, exports, however, faced a abrupt downturn. The smallest decline of -1% was in 2019. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

South Africa (X units) was the main destination for machine-tool for removing material exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Africa stood at -23.4%.

In value terms, Italy ($X) remains the key foreign market for machine-tools for working any material by removal of material exports from Nigeria, comprising 73% of total exports. The second position in the ranking was taken by South Africa ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Italy amounted to +18.8%.

Export Prices by Country

The average machine-tool for removing material export price stood at $X per unit in 2021, shrinking by -51% against the previous year. In general, the export price, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2015 an increase of 259%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2021, the rate of growth in terms of prices for South Africa amounted to +34.3% per year.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into Nigeria

In 2021, after four years of growth, there was decline in purchases abroad of machine-tools for working any material by removal of material, when their volume decreased by -3.7% to X units. In general, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2015 when imports increased by 119,617%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, machine-tool for removing material imports declined remarkably to $X in 2021. Over the period under review, imports, however, recorded a moderate expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 287%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The Netherlands (X units), China (X units) and South Africa (X units) were the main suppliers of machine-tool for removing material imports to Nigeria, together accounting for 87% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +41.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of machine-tools for working any material by removal of material to Nigeria, comprising 33% of total imports. The second position in the ranking was taken by France ($X), with a 2.8% share of total imports. It was followed by India, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+38.2% per year) and India (-2.8% per year).

Import Prices by Country

The average machine-tool for removing material import price stood at $X per unit in 2021, which is down by -38% against the previous year. In general, the import price saw a abrupt contraction. The pace of growth appeared the most rapid in 2016 an increase of 104,509%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+14.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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