Nigeria: Pump For Liquid Market 2024

Pump For Liquid Market Size in Nigeria

In 2021, the Nigerien pump for liquid market decreased by -12.3% to $X, falling for the second consecutive year after three years of growth. In general, consumption, however, enjoyed a strong increase. Pump for liquid consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Pump For Liquid Exports

Exports from Nigeria

In 2021, the amount of pumps for liquids and liquid elevators exported from Nigeria contracted notably to X units, which is down by -21% on 2020. Overall, exports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2015 with an increase of 356%. Over the period under review, the exports attained the peak figure at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, pump for liquid exports reduced notably to $X in 2021. Over the period under review, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 99% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Zimbabwe (X units), Niger (X units) and Benin (X units) were the main destinations of pump for liquid exports from Nigeria, together accounting for 55% of total exports. The United States, Angola, Senegal, China, Kenya, Cameroon, Cote d'Ivoire, France, Congo and Ghana lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kenya (with a CAGR of +84.1%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), the United States ($X) and France ($X) were the largest markets for pump for liquid exported from Nigeria worldwide, with a combined 41% share of total exports. These countries were followed by Benin, China, Zimbabwe, Angola, Niger, Cameroon, Kenya, Senegal, Ghana and Congo, which together accounted for a further 18%.

In terms of the main countries of destination, Kenya, with a CAGR of +60.1%, 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 pump for liquid export price stood at $X per unit in 2021, remaining relatively unchanged against the previous year. In general, the export price, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2016 an increase of 257% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Senegal ($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 Ghana (+33.0%), while the prices for the other major destinations experienced more modest paces of growth.

Pump For Liquid Imports

Imports into Nigeria

In 2021, overseas purchases of pumps for liquids and liquid elevators decreased by -18.6% to X units, falling for the second consecutive year after three years of growth. In general, imports, however, posted a measured expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 183%. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, pump for liquid imports rose markedly to $X in 2021. Overall, imports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2019 when imports increased by 85%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of pump for liquid to Nigeria, accounting for a 71% share of total imports. Moreover, pump for liquid imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.4% per year) and Japan (+20.4% per year).

In value terms, China ($X) constituted the largest supplier of pumps for liquids and liquid elevators to Nigeria, comprising 59% of total imports. The second position in the ranking was taken by India ($X), with a 6.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+18.2% per year) and Japan (+8.7% per year).

Import Prices by Country

In 2021, the average pump for liquid import price amounted to $X per unit, picking up by 31% against the previous year. In general, the import price recorded a moderate expansion. The pace of growth was the most pronounced in 2014 an increase of 171% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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 Japan ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+17.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform