Nigeria: Oxygen-Function Amino-Compound Market 2024

Oxygen-Function Amino-Compound Market Size in Nigeria

In 2021, the Nigerien oxygen-function amino-compound market increased by 6.7% to $X, rising for the third year in a row after four years of decline. Over the period under review, consumption recorded buoyant growth. Oxygen-function amino-compound consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Oxygen-Function Amino-Compound Exports

Exports from Nigeria

Oxygen-function amino-compound exports from Nigeria rose to X kg in 2021, surging by 3.2% against the previous year. Overall, exports continue to indicate a prominent increase. The growth pace was the most rapid in 2019 when exports increased by 357% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, oxygen-function amino-compound exports soared to $X in 2021. Over the period under review, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X kg) was the main destination for oxygen-function amino-compound exports from Nigeria, with a 76% share of total exports. Moreover, oxygen-function amino-compound exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Ghana amounted to +72.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+62.5% per year) and the Netherlands (0.0% per year).

In value terms, Ghana ($X) remains the key foreign market for oxygen-function amino-compounds exports from Nigeria, comprising 6.2% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 0.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana amounted to +65.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+86.4% per year) and Benin (+31.1% per year).

Export Prices by Country

In 2021, the average oxygen-function amino-compound export price amounted to $X per ton, with an increase of 1,539% against the previous year. In general, the export price saw significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Benin ($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 Cote d'Ivoire (+7.9%), while the prices for the other major destinations experienced a decline.

Oxygen-Function Amino-Compound Imports

Imports into Nigeria

In 2021, supplies from abroad of oxygen-function amino-compounds increased by 8.7% to X tons, rising for the third consecutive year after four years of decline. In general, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 257% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, oxygen-function amino-compound imports stood at $X in 2021. Overall, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2013 when imports increased by 265% 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 supplier of oxygen-function amino-compound to Nigeria, accounting for a 30% share of total imports. Moreover, oxygen-function amino-compound imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fourfold. The third position in this ranking was held by Russia (X tons), with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+32.7% per year) and Russia (+101.9% per year).

In value terms, China ($X) constituted the largest supplier of oxygen-function amino-compounds to Nigeria, comprising 28% of total imports. The second position in the ranking was taken by Ireland ($X), with a 7.7% share of total imports. It was followed by India, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+63.6% per year) and India (+1.1% per year).

Import Prices by Country

In 2021, the average oxygen-function amino-compound import price amounted to $X per ton, shrinking by -5.7% against the previous year. Overall, the import price recorded a pronounced decrease. The growth pace was the most rapid in 2015 when the average import price increased by 70%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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