Nigeria: Other Chemical Products Market 2024

Other Chemical Products Market Size in Nigeria

The Nigerien other chemical products market surged to $X in 2022, increasing by 32% 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, saw a mild shrinkage. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Other Chemical Products Exports

Exports from Nigeria

In 2022, shipments abroad of other chemical products was finally on the rise to reach X tons after eight years of decline. Overall, exports, however, faced a dramatic setback. The pace of growth was the most pronounced in 2013 with an increase of 238% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, other chemical products exports rose markedly to $X in 2022. Over the period under review, exports, however, showed a sharp curtailment. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Congo (X tons) was the main destination for other chemical products exports from Nigeria, accounting for a 66% share of total exports. Moreover, other chemical products exports to Congo exceeded the volume sent to the second major destination, Niger (X kg), threefold. The third position in this ranking was held by Cote d'Ivoire (X kg), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume to Congo stood at +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+0.9% per year) and Cote d'Ivoire (-12.4% per year).

In value terms, Congo ($X) remains the key foreign market for other chemical products exports from Nigeria, comprising 67% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total exports. It was followed by Norway, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value to Congo stood at -8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-18.5% per year) and Norway (-18.5% per year).

Export Prices by Country

The average other chemical products export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the export price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 111% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to China ($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 Niger (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Other Chemical Products Imports

Imports into Nigeria

In 2022, approx. X tons of other chemical products were imported into Nigeria; with an increase of 23% on the previous year. In general, imports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 57% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, other chemical products imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2017 with an increase of 63%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), Swaziland (X tons) and China (X tons) were the main suppliers of other chemical products imports to Nigeria, together comprising 46% of total imports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +61.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Swaziland ($X) constituted the largest supplier of other chemical products to Nigeria, comprising 47% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Italy, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Swaziland amounted to +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.0% per year) and Italy (+4.0% per year).

Import Prices by Country

In 2022, the average other chemical products import price amounted to $X per ton, increasing by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 19%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Swaziland ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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