Nigeria: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Nigeria

The Nigerien market for plastic or non-precious metal watches skyrocketed to $X in 2022, increasing by 40% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a abrupt decrease. Plastic or non-precious metal watch consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Nigeria

In 2022, approx. X units of plastic or non-precious metal watches were exported from Nigeria; with a decrease of -19.1% compared with the previous year. Over the period under review, exports continue to indicate a perceptible descent. The pace of growth appeared the most rapid in 2016 with an increase of 138% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports fell modestly to $X in 2022. In general, exports continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 394%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Switzerland (X units), Cote d'Ivoire (X units) and South Africa (X units) were the main destinations of plastic or non-precious metal watch exports from Nigeria, with a combined 51% share of total exports. The UK, the United Arab Emirates, Benin, Hong Kong SAR, Botswana, Zimbabwe, Niger and France lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +131.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Hong Kong SAR ($X) and the UK ($X) appeared to be the largest markets for plastic or non-precious metal watch exported from Nigeria worldwide, together accounting for 54% of total exports. The United Arab Emirates, Cote d'Ivoire, South Africa, Zimbabwe, Benin, Niger, Botswana and France lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +119.2%, saw the highest growth rate of 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

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, with an increase of 20% against the previous year. Overall, the export price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2016 when the average export price increased by 108%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+13.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Plastic or Non-Precious Metal Watches

Imports into Nigeria

For the fifth consecutive year, Nigeria recorded growth in overseas purchases of plastic or non-precious metal watches, which increased by 14% to X units in 2022. In general, imports, however, faced a significant decrease. The most prominent rate of growth was recorded in 2019 when imports increased by 163%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports surged to $X in 2022. Overall, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 272%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Nigeria, accounting for a 64% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), eightfold. The United States (X units) ranked third in terms of total imports with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -25.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+20.9% per year) and the United States (-4.4% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Nigeria, comprising 51% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Germany, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland amounted to +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.6% per year) and Germany (+53.7% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, increasing by 37% against the previous year. Over the period under review, the import price continues to indicate a significant increase. The growth pace was the most rapid in 2017 an increase of 162% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+32.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform