Nigeria: Magnetic Media Market 2025

Magnetic Media Market Size in Nigeria

The Nigerien magnetic media market contracted notably to $X in 2021, shrinking by -17.8% against the previous year. Overall, consumption continues to indicate a abrupt decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Magnetic Media Production in Nigeria

In value terms, magnetic media production dropped remarkably to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 71% against the previous year. As a result, production reached the peak level of $X, and then reduced dramatically in the following year.

Magnetic Media Exports

Exports from Nigeria

After two years of decline, overseas shipments of magnetic media, not recorded, except cards with a magnetic stripe increased by 33% to X units in 2021. In general, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 73% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, magnetic media exports expanded to $X in 2021. Over the period under review, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 142% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for magnetic media exports from Nigeria, with a 43% share of total exports. Moreover, magnetic media exports to the United States exceeded the volume sent to the second major destination, Zambia (X units), threefold. Italy (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+12.8% per year) and Italy (-0.8% per year).

In value terms, the largest markets for magnetic media exported from Nigeria were Zambia ($X), the United States ($X) and Ireland ($X), together accounting for 88% of total exports. These countries were followed by Italy, the UK, Germany, Mozambique and Ghana, which together accounted for a further 4.9%.

Germany, with a CAGR of +47.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average magnetic media export price amounted to $X per unit, falling by -22.7% against the previous year. Over the period under review, the export price, however, posted a notable expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 86% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ireland ($X per unit), while the average price for exports to Ghana ($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 Zambia (+27.4%), while the prices for the other major destinations experienced more modest paces of growth.

Magnetic Media Imports

Imports into Nigeria

In 2021, imports of magnetic media, not recorded, except cards with a magnetic stripe into Nigeria shrank rapidly to X units, dropping by -46.4% on the previous year. Over the period under review, imports recorded a sharp decrease. The pace of growth was the most pronounced in 2017 when imports increased by 310% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, magnetic media imports shrank notably to $X in 2021. Overall, imports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 409% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), the United Arab Emirates (X units) and Vietnam (X units) were the main suppliers of magnetic media imports to Nigeria, with a combined 31% share of total imports. The Czech Republic, Taiwan (Chinese), Japan, Singapore, Hong Kong SAR, France, Canada, South Africa, Australia and Italy lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +28.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of magnetic media, not recorded, except cards with a magnetic stripe to Nigeria, comprising 30% of total imports. The second position in the ranking was held by the Czech Republic ($X), with an 8.7% share of total imports. It was followed by the United Arab Emirates, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (-12.5% per year) and the United Arab Emirates (+29.7% per year).

Import Prices by Country

In 2021, the average magnetic media import price amounted to $X per unit, with an increase of 22% against the previous year. Over the period under review, the import price posted a prominent expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 56%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+30.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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