Nigeria: Mdf Market 2024

Mdf Market Size in Nigeria

The Nigerien MDF market fell markedly to $X in 2021, declining by -62.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a mild increase. Consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Mdf Exports

Exports from Nigeria

In 2021, the amount of MDF exported from Nigeria surged to X cubic meters, growing by 291% on 2020 figures. Over the period under review, exports, however, continue to indicate a abrupt setback. Over the period under review, the exports reached the maximum at X cubic meters in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, MDF exports soared to $X in 2021. In general, exports, however, recorded a drastic downturn. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal (X cubic meters) was the main destination for MDF exports from Nigeria, with a 88% share of total exports. Moreover, MDF exports to Senegal exceeded the volume sent to the second major destination, Benin (X cubic meters), more than tenfold. The third position in this ranking was taken by Niger (X cubic meters), with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to Senegal was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-26.3% per year) and Niger (-34.0% per year).

In value terms, Senegal ($X) emerged as the key foreign market for MDF exports from Nigeria, comprising 87% of total exports. The second position in the ranking was taken by Niger ($X), with a 7.7% share of total exports. It was followed by Benin, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Senegal was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-33.4% per year) and Benin (-36.3% per year).

Export Prices by Country

The average MDF export price stood at $X per cubic meter in 2021, with a decrease of -43.3% against the previous year. Over the period under review, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2013 an increase of 102% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per cubic meter), while the average price for exports to China ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+0.9%), while the prices for the other major destinations experienced a decline.

Mdf Imports

Imports into Nigeria

In 2021, overseas purchases of MDF decreased by -71.9% to X cubic meters, falling for the second year in a row after five years of growth. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 106%. Over the period under review, imports attained the maximum at X cubic meters in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, MDF imports declined rapidly to $X in 2021. In general, imports, however, posted measured growth. The pace of growth was the most pronounced in 2017 with an increase of 103%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X cubic meters) constituted the largest supplier of MDF to Nigeria, accounting for a 43% share of total imports. Moreover, MDF imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X cubic meters), twofold. The third position in this ranking was taken by Brazil (X cubic meters), with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+36.0% per year) and Brazil (+12.5% per year).

In value terms, China ($X) constituted the largest supplier of MDF to Nigeria, comprising 37% of total imports. The second position in the ranking was held by Thailand ($X), with an 11% share of total imports. It was followed by Turkey, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+35.5% per year) and Turkey (+24.6% per year).

Import Prices by Country

In 2021, the average MDF import price amounted to $X per cubic meter, increasing by 75% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $X per cubic meter in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 Poland ($X per cubic meter), while the price for Brazil ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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