Nigeria: Static Converter Market 2025

Static Converter Market Size in Nigeria

In 2021, the Nigerien static converter market decreased by -50.1% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption, however, recorded a buoyant expansion. Static converter consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Static Converter Exports

Exports from Nigeria

In 2021, shipments abroad of static converters decreased by -52.2% to X units, falling for the third consecutive year after three years of growth. Overall, exports faced a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 668% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, static converter exports expanded notably to $X in 2021. Over the period under review, exports recorded a deep setback. The growth pace was the most rapid in 2016 with an increase of 369%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X units), Hungary (X units) and China (X units) were the main destinations of static converter exports from Nigeria, together comprising 25% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +48.8%), while the other leaders experienced mixed trend patterns.

In value terms, Hungary ($X), China ($X) and the Netherlands ($X) were the largest markets for static converter exported from Nigeria worldwide, together accounting for 25% of total exports.

Among the main countries of destination, Hungary, with a CAGR of +43.1%, 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

In 2021, the average static converter export price amounted to $X per unit, growing by 132% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt curtailment. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the UK ($X per unit), while the average price for exports to Benin ($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 (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Static Converter Imports

Imports into Nigeria

In 2021, overseas purchases of static converters decreased by -50.2% to X units, falling for the second year in a row after four years of growth. Overall, imports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 895% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, static converter imports contracted significantly to $X in 2021. Over the period under review, imports, however, recorded notable growth. The growth pace was the most rapid in 2019 when imports increased by 77%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest static converter supplier to Nigeria, with a 11% share of total imports. Moreover, static converter imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.9% per year) and Turkey (+0.7% per year).

In value terms, China ($X) constituted the largest supplier of static converters to Nigeria, comprising 52% of total imports. The second position in the ranking was taken by Germany ($X), with a 2.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.1% per year) and Turkey (+8.4% per year).

Import Prices by Country

In 2021, the average static converter import price amounted to $X per unit, growing by 22% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2014 an increase of 1,185%. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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