Nigeria: Wood Tool Market 2025

Wood Tool Market Size in Nigeria

The Nigerien wood tool market dropped to $X in 2021, with a decrease of -6.2% 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). Over the period under review, consumption, however, saw a strong expansion. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Wood Tool Exports

Exports from Nigeria

In 2021, exports of tools of wood from Nigeria soared to X tons, picking up by 20% against the previous year's figure. In general, exports posted a significant increase. The growth pace was the most rapid in 2018 when exports increased by 1,075%. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, wood tool exports contracted modestly to $X in 2021. Over the period under review, exports enjoyed significant growth. The growth pace was the most rapid in 2015 when exports increased by 741%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons), Gambia (X kg) and the United States (X kg) were the main destinations of wood tool exports from Nigeria, together comprising 95% of total exports.

From 2012 to 2021, the biggest increases were recorded for Gambia (with a CAGR of +59.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for tools of wood exports from Nigeria, comprising 48% of total exports. The second position in the ranking was held by Gambia ($X), with an 18% share of total exports. It was followed by the UK, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gambia (+82.1% per year) and the UK (0.0% per year).

Export Prices by Country

In 2021, the average wood tool export price amounted to $X per ton, which is down by -19.9% against the previous year. Overall, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 700% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, 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 Ghana ($X per ton), while the average price for exports to the UK ($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 Gambia (+13.7%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Tool Imports

Imports into Nigeria

Wood tool imports into Nigeria reduced to X tons in 2021, waning by -5.4% on 2020. Overall, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 1,071% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, wood tool imports contracted to $X in 2021. In general, imports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2013 when imports increased by 853%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Germany (X tons) and the United Arab Emirates (X tons) were the main suppliers of wood tool imports to Nigeria, together comprising 86% of total imports. These countries were followed by the United States, Madagascar, Italy and Greece, which together accounted for a further 9.6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +52.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Greece ($X) constituted the largest wood tool suppliers to Nigeria, with a combined 61% share of total imports.

Among the main suppliers, Germany, with a CAGR of +24.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wood tool import price amounted to $X per ton, flattening at the previous year. In general, the import price recorded a pronounced downturn. The pace of growth appeared the most rapid in 2020 when the average import price increased by 67% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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