Nigeria: Data Storage Device Market 2024

Data Storage Device Market Size in Nigeria

The Nigerien data storage device market surged to $X in 2022, jumping by 39% 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). In general, consumption, however, continues to indicate a noticeable slump. Data storage device consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Data Storage Device Exports

Exports from Nigeria

Data storage device exports from Nigeria declined notably to X units in 2022, reducing by -15.1% on the previous year. Over the period under review, exports continue to indicate a perceptible descent. The pace of growth appeared the most rapid in 2013 with an increase of 703% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, data storage device exports reduced to $X in 2022. Overall, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 834%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X units) was the main destination for data storage device exports from Nigeria, with a 97% share of total exports. It was followed by Cote d'Ivoire (X units), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana stood at +86.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-33.1% per year) and the Netherlands (-46.2% per year).

In value terms, Ghana ($X) remains the key foreign market for data storage devices exports from Nigeria, comprising 99% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled +124.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-20.2% per year) and the Netherlands (-33.8% per year).

Export Prices by Country

The average data storage device export price stood at $X per unit in 2022, with an increase of 7.7% against the previous year. In general, the export price saw resilient growth. The most prominent rate of growth was recorded in 2015 an increase of 44% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 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 the Netherlands ($X per unit), while the average price for exports to Cote d'Ivoire ($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 the Netherlands (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Data Storage Device Imports

Imports into Nigeria

In 2022, approx. X units of data storage devices were imported into Nigeria; picking up by 8.8% against 2021 figures. Overall, imports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of 391%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, data storage device imports skyrocketed to $X in 2022. In general, imports recorded a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 149% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Barbados (X units), China (X units) and Ireland (X units) were the main suppliers of data storage device imports to Nigeria, with a combined 75% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +22.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Barbados ($X) constituted the largest supplier of data storage devices to Nigeria, comprising 44% of total imports. The second position in the ranking was taken by Ireland ($X), with a 17% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Barbados totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+8.4% per year) and China (-1.1% per year).

Import Prices by Country

In 2022, the average data storage device import price amounted to $X per unit, with an increase of 66% against the previous year. Over the period under review, the import price continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 193% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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