Nigeria: Nail And Bolt Market 2024

Nail And Bolt Market Size in Nigeria

In 2021, the Nigerien nail and bolt market increased by 1.7% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw a pronounced setback. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Nail And Bolt Exports

Exports from Nigeria

In 2021, shipments abroad of nails, tacks, staples, screws and bolts decreased by -41.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 143% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, nail and bolt exports fell significantly to $X in 2021. In general, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 566% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Benin (X tons) was the main destination for nail and bolt exports from Nigeria, with a 39% share of total exports. Moreover, nail and bolt exports to Benin exceeded the volume sent to the second major destination, Gabon (X tons), threefold. The third position in this ranking was held by Ghana (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Benin amounted to +53.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gabon (+45.7% per year) and Ghana (+4.3% per year).

In value terms, Gabon ($X) remains the key foreign market for nails, tacks, staples, screws and bolts exports from Nigeria, comprising 61% of total exports. The second position in the ranking was taken by Benin ($X), with a 13% share of total exports. It was followed by Ghana, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to Gabon stood at +34.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+50.8% per year) and Ghana (-7.6% per year).

Export Prices by Country

In 2021, the average nail and bolt export price amounted to $X per ton, dropping by -2.4% against the previous year. Overall, the export price, however, posted a strong increase. The pace of growth was the most pronounced in 2015 when the average export price increased by 174% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Democratic Republic of the Congo (+196.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nail And Bolt Imports

Imports into Nigeria

In 2021, the amount of nails, tacks, staples, screws and bolts imported into Nigeria declined to X tons, reducing by -9.2% on the previous year. Over the period under review, imports recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of 88%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, nail and bolt imports expanded sharply to $X in 2021. In general, imports recorded a mild slump. The pace of growth was the most pronounced in 2013 with an increase of 92% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest nail and bolt supplier to Nigeria, accounting for a 71% share of total imports. Moreover, nail and bolt imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold. Italy (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.4% per year) and Italy (+0.6% per year).

In value terms, China ($X) constituted the largest supplier of nails, tacks, staples, screws and bolts to Nigeria, comprising 27% of total imports. The second position in the ranking was taken by Italy ($X), with a 9.5% share of total imports. It was followed by India, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+8.2% per year) and India (+8.8% per year).

Import Prices by Country

In 2021, the average nail and bolt import price amounted to $X per ton, growing by 22% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nail and bolt import price increased by +29.1% against 2018 indices. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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