Nigeria: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in Nigeria

In 2021, the Nigerien oil dispensing pump market decreased by -22.4% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption continues to indicate a perceptible slump. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Oil Dispensing Pump Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded growth in overseas shipments of petrol and oil dispensing pumps, which increased by 25% to X units in 2021. Over the period under review, exports, however, continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 89% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, oil dispensing pump exports dropped dramatically to $X in 2021. Overall, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2017 when exports increased by 89% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for oil dispensing pump exports from Nigeria, accounting for a 60% share of total exports. Moreover, oil dispensing pump exports to the UK exceeded the volume sent to the second major destination, Ghana (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-7.4% per year) and Cote d'Ivoire (0.0% per year).

In value terms, the UK ($X), Ghana ($X) and Burkina Faso ($X) were the largest markets for oil dispensing pump exported from Nigeria worldwide, with a combined 94% share of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +8.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average oil dispensing pump export price stood at $X per unit in 2021, falling by -34.8% against the previous year. Overall, the export price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2013 an increase of 25% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Ghana ($X per unit), while the average price for exports to Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Dispensing Pump Imports

Imports into Nigeria

In 2021, overseas purchases of petrol and oil dispensing pumps decreased by -19.9% to X units, falling for the second year in a row after three years of growth. In general, imports continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 110%. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, oil dispensing pump imports contracted remarkably to $X in 2021. Over the period under review, imports showed a deep downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 60%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of oil dispensing pump to Nigeria, with a 76% share of total imports. Moreover, oil dispensing pump imports from China exceeded the figures recorded by the second-largest supplier, India (X units), sixfold. The third position in this ranking was held by Brazil (X units), with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+45.4% per year) and Brazil (-9.0% per year).

In value terms, India ($X), China ($X) and Brazil ($X) were the largest oil dispensing pump suppliers to Nigeria, together accounting for 76% of total imports.

In terms of the main suppliers, India, with a CAGR of +45.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average oil dispensing pump import price stood at $X per unit in 2021, declining by -10.8% against the previous year. Overall, the import price continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2015 when the average import price increased by 41% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+6.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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