Nigeria: Diode Market 2024

Diode Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien diode market, when its value decreased by -95.7% to $X. Over the period under review, consumption, however, continues to indicate resilient growth. As a result, consumption attained the peak level of $X, and then shrank significantly in the following year.

Diode Exports

Exports from Nigeria

In 2021, approx. X units of diodes, other than photosensitive or light emitting diodes were exported from Nigeria; waning by -45% on 2020 figures. Overall, exports faced a significant decline. The pace of growth appeared the most rapid in 2020 when exports increased by 627%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, diode exports reduced dramatically to $X in 2021. In general, exports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 619% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Ghana (X units) and Benin (X units) were the main destinations of diode exports from Nigeria, together comprising 93% of total exports. Russia, Poland and China lagged somewhat behind, together comprising a further 6.8%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, the United States ($X) remains the key foreign market for diodes, other than photosensitive or light emitting diodes exports from Nigeria, comprising 63% of total exports. The second position in the ranking was taken by Benin ($X), with an 18% share of total exports. It was followed by Poland, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at -25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-27.5% per year) and Poland (-4.4% per year).

Export Prices by Country

The average diode export price stood at $X per unit in 2021, increasing by 12% against the previous year. Overall, the export price enjoyed a mild expansion. The growth pace was the most rapid in 2013 when the average export price increased by 49% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 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 China ($X per unit), while the average price for exports to Ghana ($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 Benin (+24.4%), while the prices for the other major destinations experienced more modest paces of growth.

Diode Imports

Imports into Nigeria

In 2021, purchases abroad of diodes, other than photosensitive or light emitting diodes decreased by -95.9% to X units for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2020 when imports increased by 11,272% against the previous year. As a result, imports reached the peak of X units, and then dropped dramatically in the following year.

In value terms, diode imports dropped significantly to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 10,371% against the previous year. As a result, imports reached the peak of $X, and then dropped remarkably in the following year.

Imports by Country

In 2021, China (X units) constituted the largest diode supplier to Nigeria, accounting for a 51% share of total imports. Moreover, diode imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), threefold. The third position in this ranking was taken by Switzerland (X units), with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +50.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-5.2% per year) and Switzerland (+101.4% per year).

In value terms, China ($X) constituted the largest supplier of diodes, other than photosensitive or light emitting diodes to Nigeria, comprising 87% of total imports. The second position in the ranking was held by Switzerland ($X), with a 1.3% share of total imports. It was followed by Turkey, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +50.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+69.6% per year) and Turkey (-39.2% per year).

Import Prices by Country

The average diode import price stood at $X per unit in 2021, picking up by 29% against the previous year. Over the period under review, the import price, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 102%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a 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 China ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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