Nigeria: Market for Railway Or Tramway Track Construction Material Of Iron Or Steel 2025

Market Size for Railway Or Tramway Track Construction Material Of Iron Or Steel in Nigeria

In 2021, the Nigerien market for railway or tramway track construction material of iron or steel decreased by -77.6% to $X, falling for the third year in a row after two years of growth. In general, consumption continues to indicate a precipitous setback. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Railway Or Tramway Track Construction Material Of Iron Or Steel

Exports from Nigeria

Exports of railway or tramway track construction material of iron or steel from Nigeria rose to X kg in 2021, with an increase of 3.2% compared with 2020 figures. Over the period under review, exports, however, recorded a dramatic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 548% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of railway or tramway track construction material of iron or steel rose modestly to $X in 2021. Overall, exports, however, continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2019 when exports increased by 399%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Benin (X kg) was the main destination for exports of railway or tramway track construction material of iron or steel from Nigeria, accounting for a 93% share of total exports. Moreover, exports of railway or tramway track construction material of iron or steel to Benin exceeded the volume sent to the second major destination, Niger (X kg), more than tenfold. Cote d'Ivoire (X kg) ranked third in terms of total exports with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin amounted to -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-46.8% per year) and Cote d'Ivoire (-30.7% per year).

In value terms, Benin ($X) remains the key foreign market for railway or tramway track construction material of iron or steel exports from Nigeria, comprising 71% of total exports. The second position in the ranking was held by Niger ($X), with a 14% share of total exports. It was followed by Sao Tome and Principe, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value to Benin was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-31.4% per year) and Sao Tome and Principe (-22.4% per year).

Export Prices by Country

The average export price for railway or tramway track construction material of iron or steel stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Overall, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 203%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sao Tome and Principe ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+65.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Railway Or Tramway Track Construction Material Of Iron Or Steel

Imports into Nigeria

In 2021, overseas purchases of railway or tramway track construction material of iron or steel decreased by -77.2% to X tons, falling for the third consecutive year after two years of growth. Overall, imports faced a sharp setback. The growth pace was the most rapid in 2017 when imports increased by 913% against the previous year. Over the period under review, imports of hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, imports of railway or tramway track construction material of iron or steel reduced dramatically to $X in 2021. Over the period under review, imports recorded a precipitous slump. The pace of growth appeared the most rapid in 2017 when imports increased by 761%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron and steel railway construction materials to Nigeria, accounting for a 59% share of total imports. Moreover, imports of railway or tramway track construction material of iron or steel from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. India (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.9% per year) and India (+5.9% per year).

In value terms, China ($X) constituted the largest supplier of railway or tramway track construction material of iron or steel to Nigeria, comprising 49% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 21% share of total imports. It was followed by Greece, with an 8% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+0.9% per year) and Greece (+35.2% per year).

Import Prices by Country

The average import price for railway or tramway track construction material of iron or steel stood at $X per ton in 2021, waning by -11.1% against the previous year. Overall, the import price saw a abrupt setback. The most prominent rate of growth was recorded in 2013 when the average import price increased by 62% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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