Nigeria: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Nigeria

The Nigerien market for processed petroleum oils and distillates expanded significantly to $X in 2022, with an increase of 10% against the previous year. Over the period under review, consumption continues to indicate a noticeable increase. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Nigeria

In value terms, processed petroleum oils and distillates production shrank slightly to $X in 2022 estimated in export price. In general, production saw a abrupt decrease. The growth pace was the most rapid in 2016 when the production volume increased by 143% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Nigeria

Processed petroleum oils and distillates exports from Nigeria shrank modestly to X tons in 2022, waning by -4.5% compared with the previous year. In general, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 36% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports declined notably to $X in 2022. Overall, exports faced a sharp contraction. The pace of growth appeared the most rapid in 2017 with an increase of 44% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons), the United States (X tons) and Belgium (X tons) were the main destinations of processed petroleum oils and distillates exports from Nigeria, together comprising 66% of total exports. Benin, Brazil and Singapore lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +327.9%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the United States ($X) and Belgium ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Nigeria worldwide, with a combined 71% share of total exports. Benin, Brazil and Singapore lagged somewhat behind, together comprising a further 10%.

In terms of the main countries of destination, Singapore, with a CAGR of +229.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, waning by -76.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 an increase of 51% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Benin ($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 Brazil (-17.9%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Nigeria

In 2022, imports of processed petroleum oils and distillates into Nigeria soared to X tons, surging by 17% against the previous year. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 95%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports expanded sharply to $X in 2022. Overall, imports continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2021 with an increase of 95% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), the Netherlands (X tons) and India (X tons) were the main suppliers of processed petroleum oils and distillates imports to Nigeria, together comprising 46% of total imports. Norway, the UK, the United States and France lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +311.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), the Netherlands ($X) and India ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Nigeria, with a combined 47% share of total imports. Norway, the UK, the United States and France lagged somewhat behind, together accounting for a further 9.7%.

Norway, with a CAGR of +275.2%, 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

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, waning by -9.5% against the previous year. Overall, the import price showed a deep reduction. The pace of growth was the most pronounced in 2018 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and India ($X per ton), while the price for the United States ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-7.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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