Nigeria: Market for Mechanical Shovels, Excavators And Shovel Loaders 2025

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Nigeria

In 2021, the Nigerien mechanical shovel and excavator market decreased by -28.2% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption recorded a relatively flat trend pattern. Mechanical shovel and excavator consumption peaked at $X in 2020, and then dropped sharply in the following year.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Nigeria

In 2021, overseas shipments of mechanical shovels, excavators and shovel loaders decreased by -25% to X units, falling for the third year in a row after three years of growth. In general, exports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2018 when exports increased by 71%. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, mechanical shovel and excavator exports declined sharply to $X in 2021. Over the period under review, exports showed a noticeable curtailment. The growth pace was the most rapid in 2018 with an increase of 202% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X units), Benin (X units) and Congo (X units) were the main destinations of mechanical shovel and excavator exports from Nigeria, with a combined 99.9% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +13.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for mechanical shovel and excavator exported from Nigeria were Ghana ($X), Benin ($X) and Congo ($X), with a combined 88% share of total exports. Belgium lagged somewhat behind, comprising a further 4.9%.

Belgium, with a CAGR of +27.6%, saw 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

The average mechanical shovel and excavator export price stood at $X per unit in 2021, growing by 4.7% against the previous year. Overall, the export price, however, showed a mild downturn. The growth pace was the most rapid in 2018 when the average export price increased by 77% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 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 Ghana ($X per unit), while the average price for exports to Congo ($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 Belgium (+27.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Nigeria

In 2021, supplies from abroad of mechanical shovels, excavators and shovel loaders decreased by -33.7% to X units for the first time since 2016, thus ending a four-year rising trend. Over the period under review, imports, however, showed a perceptible increase. The pace of growth appeared the most rapid in 2018 with an increase of 159%. Imports peaked at X units in 2020, and then contracted remarkably in the following year.

In value terms, mechanical shovel and excavator imports fell notably to $X in 2021. In general, imports recorded a mild reduction. The most prominent rate of growth was recorded in 2018 with an increase of 166% against the previous year. Imports peaked at $X in 2020, and then fell sharply in the following year.

Imports by Country

In 2021, China (X units) constituted the largest mechanical shovel and excavator supplier to Nigeria, with a 50% share of total imports. Moreover, mechanical shovel and excavator imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sevenfold. The third position in this ranking was taken by the United States (X units), with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+23.1% per year) and the United States (-13.2% per year).

In value terms, China ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to Nigeria, comprising 52% of total imports. The second position in the ranking was taken by South Korea ($X), with a 7.7% share of total imports. It was followed by the United States, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+17.0% per year) and the United States (-14.9% per year).

Import Prices by Country

The average mechanical shovel and excavator import price stood at $X per unit in 2021, growing by 12% against the previous year. Overall, the import price, however, saw a perceptible decrease. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per unit) and India ($X per unit), while the price for the Netherlands ($X per unit) and Zambia ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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