Nigeria: Stranded Wire Market 2025

Stranded Wire Market Size in Nigeria

In 2021, the Nigerien stranded wire market decreased by -74% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, recorded mild growth. As a result, consumption attained the peak level of $X, and then contracted dramatically in the following year.

Stranded Wire Exports

Exports from Nigeria

Stranded wire exports from Nigeria surged to X tons in 2021, growing by 202% compared with 2020. In general, exports recorded a noticeable increase. The pace of growth appeared the most rapid in 2019 when exports increased by 663%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, stranded wire exports soared to $X in 2021. Overall, exports showed a prominent increase. The growth pace was the most rapid in 2019 with an increase of 833% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Senegal (X tons) was the main destination for stranded wire exports from Nigeria, accounting for a 46% share of total exports. Moreover, stranded wire exports to Senegal exceeded the volume sent to the second major destination, Gambia (X tons), fourfold. The third position in this ranking was held by Niger (X tons), with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Senegal stood at +135.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gambia (+44.9% per year) and Niger (+16.8% per year).

In value terms, Senegal ($X) emerged as the key foreign market for stranded wire, ropes and cables exports from Nigeria, comprising 49% of total exports. The second position in the ranking was taken by Niger ($X), with a 10% share of total exports. It was followed by Ghana, with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Senegal stood at +151.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+9.3% per year) and Ghana (+4.8% per year).

Export Prices by Country

In 2021, the average stranded wire export price amounted to $X per ton, falling by -27.6% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, stranded wire export price increased by +27.2% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 97% against the previous year. The export price peaked at $X per ton in 2020, and then declined notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Gambia ($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 the United Arab Emirates (+35.1%), while the prices for the other major destinations experienced more modest paces of growth.

Stranded Wire Imports

Imports into Nigeria

In 2021, purchases abroad of stranded wire, ropes and cables decreased by -71.6% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, saw a perceptible expansion. The growth pace was the most rapid in 2020 with an increase of 176% against the previous year. As a result, imports attained the peak of X tons, and then shrank rapidly in the following year.

In value terms, stranded wire imports dropped significantly to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 221% against the previous year. As a result, imports attained the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of stranded wire to Nigeria, accounting for a 46% share of total imports. Moreover, stranded wire imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+24.2% per year) and Indonesia (+23.2% per year).

In value terms, China ($X), Indonesia ($X) and India ($X) were the largest stranded wire suppliers to Nigeria, together accounting for 59% of total imports.

Indonesia, with a CAGR of +23.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average stranded wire import price stood at $X per ton in 2021, falling by -10.6% against the previous year. Overall, the import price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 17%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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