Nigeria: Radio Receiver Market 2024

Radio Receiver Market Size in Nigeria

The Nigerien radio receiver market skyrocketed to $X in 2022, rising by 21% 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). Overall, consumption, however, continues to indicate a deep setback. Radio receiver consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Radio Receiver Exports

Exports from Nigeria

In 2022, shipments abroad of radio receivers decreased by -8.7% to X units, falling for the second consecutive year after two years of growth. In general, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 133%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, radio receiver exports shrank slightly to $X in 2022. Over the period under review, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 337% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X units), Cote d'Ivoire (X units) and Ghana (X units) were the main destinations of radio receiver exports from Nigeria, with a combined 70% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +23.3%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for radio receivers exports from Nigeria, comprising 43% of total exports. The second position in the ranking was taken by Benin ($X), with a 16% share of total exports. It was followed by the UK, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+7.4% per year) and the UK (+18.6% per year).

Export Prices by Country

In 2022, the average radio receiver export price amounted to $X per unit, rising by 4.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 187%. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to South Africa ($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 Sao Tome and Principe (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Radio Receiver Imports

Imports into Nigeria

In 2022, approx. X units of radio receivers were imported into Nigeria; growing by 48% on 2021 figures. In general, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2018 when imports increased by 222%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, radio receiver imports reduced sharply to $X in 2022. Overall, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 241%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest radio receiver supplier to Nigeria, accounting for a 56% share of total imports. Moreover, radio receiver imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. Malaysia (X units) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.4% per year) and Malaysia (+28.0% per year).

In value terms, China ($X) constituted the largest supplier of radio receivers to Nigeria, comprising 42% of total imports. The second position in the ranking was taken by the United States ($X), with a 19% share of total imports. It was followed by Malaysia, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.6% per year) and Malaysia (+9.6% per year).

Import Prices by Country

In 2022, the average radio receiver import price amounted to $X per unit, declining by -45.9% against the previous year. Overall, the import price recorded a noticeable contraction. The pace of growth was the most pronounced in 2019 an increase of 83%. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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