Nigeria: Phosphate Rock Market 2022

Phosphate Rock Market Size in Nigeria

In 2020, the Nigerien phosphate rock market decreased by -X% to $X, falling for the sixth consecutive year after five years of growth. In general, consumption, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2013 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2020, consumption remained at a lower figure.

Phosphate Rock Exports

Exports from Nigeria

In 2020, approx. X tons of phosphate rock were exported from Nigeria; increasing by X% on the previous year. Overall, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, exports attained the maximum at X tons in 2010; however, from 2011 to 2020, exports failed to regain the momentum.

In value terms, phosphate rock exports reduced sharply to $X in 2020. Over the period under review, exports, however, faced a dramatic downturn. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Exports peaked at $X in 2007; however, from 2008 to 2020, exports remained at a lower figure.

Exports by Country

Niger (X tons), Brazil (X tons) and South Africa (X kg) were the main destinations of phosphate rock exports from Nigeria, together comprising X% of total exports.

From 2007 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Niger, while exports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the key foreign market for phosphate rock exports from Nigeria, comprising X% of total exports. The second position in the ranking was occupied by Niger ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to Brazil stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-X% per year) and France (X% per year).

Export Prices by Country

The average phosphate rock export price stood at $X per ton in 2020, declining by -X% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% y-o-y. The export price peaked at $X per ton in 2007; however, from 2008 to 2020, export prices failed to regain the momentum.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was France ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates, while the prices for the other major destinations experienced more modest paces of growth.

Phosphate Rock Imports

Imports into Nigeria

In 2020, supplies from abroad of phosphate rock decreased by -X% to X tons, falling for the sixth consecutive year after six years of growth. Overall, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2020, imports stood at a somewhat lower figure.

In value terms, phosphate rock imports fell rapidly to $X in 2020. Over the period under review, imports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2013 with an increase of X% year-to-year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2020, imports failed to regain the momentum.

Imports by Country

In 2020, Egypt (X tons) constituted the largest supplier of phosphate rock to Nigeria, accounting for a X% share of total imports. Moreover, phosphate rock imports from Egypt exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was occupied by Israel (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from Egypt amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+X% per year) and Israel (X% per year).

In value terms, Egypt ($X) constituted the largest supplier of phosphate rock to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by India ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2007 to 2020, the average annual growth rate of value from Egypt stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+X% per year) and Germany (+X% per year).

Import Prices by Country

The average phosphate rock import price stood at $X per ton in 2020, falling by -X% against the previous year. Overall, the import price, however, recorded a measured increase. The most prominent rate of growth was recorded in 2008 an increase of X% y-o-y. As a result, import price attained the peak level of $X per ton. from 2009 to 2020, the growth in terms of the average import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Germany ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by India, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform