Nigeria: Market for Non-Numerically Controlled Drilling Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Drilling Machines For Working Metal in Nigeria

After two years of growth, the Nigerien non-numerically controlled drilling machine market decreased by -49.1% to $X in 2021. In general, consumption faced a abrupt decline. Non-numerically controlled drilling machine consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Exports of Non-Numerically Controlled Drilling Machines For Working Metal

Exports from Nigeria

In 2021, the amount of non-numerically controlled drilling machines for working metal exported from Nigeria surged to X tons, increasing by 44% compared with 2020 figures. In general, exports, however, saw a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of 7,792% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, non-numerically controlled drilling machine exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 204% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X tons) was the main destination for non-numerically controlled drilling machine exports from Nigeria, accounting for a 72% share of total exports. Moreover, non-numerically controlled drilling machine exports to Benin exceeded the volume sent to the second major destination, Ghana (X kg), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin totaled +109.4%.

In value terms, Benin ($X) remains the key foreign market for non-numerically controlled drilling machines for working metal exports from Nigeria, comprising 85% of total exports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin totaled +96.4%.

Export Prices by Country

The average non-numerically controlled drilling machine export price stood at $X per ton in 2021, picking up by 14% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 4,004%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Benin ($X per ton), while the average price for exports to Ghana stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ethiopia (+18,497.6%), while the prices for the other major destinations experienced a decline.

Imports of Non-Numerically Controlled Drilling Machines For Working Metal

Imports into Nigeria

In 2021, overseas purchases of non-numerically controlled drilling machines for working metal decreased by -27.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2019 when imports increased by 337% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, non-numerically controlled drilling machine imports shrank remarkably to $X in 2021. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2020 when imports increased by 333% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ghana (X tons) constituted the largest non-numerically controlled drilling machine supplier to Nigeria, accounting for a 60% share of total imports. Moreover, non-numerically controlled drilling machine imports from Ghana exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume from Ghana stood at +89.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+20.8% per year) and the United States (-4.8% per year).

In value terms, the largest non-numerically controlled drilling machine suppliers to Nigeria were the United States ($X), China ($X) and Ghana ($X), together accounting for 66% of total imports.

Ghana, with a CAGR of +50.7%, saw the highest rates of growth with regard to 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 2021, the average non-numerically controlled drilling machine import price amounted to $X per ton, dropping by -55.6% against the previous year. In general, the import price continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when the average import price increased by 124%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per ton), while the price for Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :