Nigeria: Refined Copper Market 2025

Refined Copper Market Size in Nigeria

The Nigerien refined copper market contracted to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption, however, showed a mild expansion. Over the period under review, the market attained the peak level at $X in 2019; afterwards, it flattened through to 2022.

Refined Copper Production in Nigeria

In value terms, refined copper production reduced to $X in 2022 estimated in export price. In general, production, however, posted a slight increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 59% against the previous year. Refined copper production peaked at $X in 2019; afterwards, it flattened through to 2022.

Refined Copper Exports

Exports from Nigeria

Refined copper exports from Nigeria rose rapidly to X tons in 2022, picking up by 8.7% against 2021 figures. Overall, exports, however, showed a abrupt decrease. The growth pace was the most rapid in 2018 when exports increased by 2,940%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 2,708% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), South Korea (X tons) and Japan (X tons) were the main destinations of refined copper exports from Nigeria.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +53.6%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for refined copper exported from Nigeria were Japan ($X), China ($X) and South Korea ($X).

Among the main countries of destination, South Korea, with a CAGR of +61.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, growing by 8% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +35.3% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the average export price increased by 81%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 the Netherlands (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Nigeria

In 2022, supplies from abroad of refined copper (unwrought, not alloyed) increased by 228% to X tons, rising for the second year in a row after two years of decline. In general, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2014 when imports increased by 338%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined copper imports surged to $X in 2022. Overall, imports posted a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 134%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Italy (X tons) were the main suppliers of refined copper imports to Nigeria, together accounting for 99.9% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +11.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Nigeria, comprising 78% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from India stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-3.9% per year) and China (+9.6% per year).

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, shrinking by -40% against the previous year. In general, the import price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 112% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+240.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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