Nigeria: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Nigeria

In 2022, the Nigerien NPK fertilizer market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a perceptible contraction. Consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Npk Fertilizer Production in Nigeria

In value terms, NPK fertilizer production surged to $X in 2022 estimated in export price. In general, production posted buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 120% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Npk Fertilizer Exports

Exports from Nigeria

In 2022, overseas shipments of mixed nitrogen, phosphorus and potassium (NPK) fertilizers decreased by -14.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 87% against the previous year. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, NPK fertilizer exports fell modestly to $X in 2022. Overall, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 138%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank slightly in the following year.

Exports by Country

Niger (X tons) was the main destination for NPK fertilizer exports from Nigeria, accounting for a 100% share of total exports. It was followed by Togo (X kg), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger totaled +50.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-96.5% per year) and Benin (-46.9% per year).

In value terms, Niger ($X) emerged as the key foreign market for mixed nitrogen, phosphorus and potassium (NPK) fertilizers exports from Nigeria, comprising 100% of total exports. The second position in the ranking was held by Benin ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Niger totaled +42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-47.9% per year) and Togo (-97.9% per year).

Export Prices by Country

The average NPK fertilizer export price stood at $X per ton in 2022, surging by 13% against the previous year. Overall, the export price, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 an increase of 31% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+20.2%), while the prices for the other major destinations experienced a decline.

Npk Fertilizer Imports

Imports into Nigeria

In 2022, the amount of mixed nitrogen, phosphorus and potassium (NPK) fertilizers imported into Nigeria shrank notably to X tons, dropping by -64.6% against the year before. In general, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 257%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, NPK fertilizer imports declined dramatically to $X in 2022. Over the period under review, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 240% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), the United States (X tons) and China (X tons) were the main suppliers of NPK fertilizer imports to Nigeria, with a combined 60% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +435.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Spain ($X) appeared to be the largest NPK fertilizer suppliers to Nigeria, with a combined 75% share of total imports. These countries were followed by the Netherlands, which accounted for a further 7.9%.

The Netherlands, with a CAGR of +333.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average NPK fertilizer import price amounted to $X per ton, surging by 13% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 156% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+51.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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