Nigeria: Tractor Market 2024

Tractor Market Size in Nigeria

The Nigerien tractor market rose slightly to $X in 2022, growing by 2.4% against the previous year. Overall, consumption posted a buoyant increase. Tractor consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Nigeria

In value terms, tractor production totaled $X in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.5% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 35% against the previous year. Tractor production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Nigeria

In 2022, shipments abroad of tractors increased by 6.8% to X units, rising for the second year in a row after two years of decline. In general, exports, however, saw a pronounced contraction. The growth pace was the most rapid in 2015 with an increase of 205% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, tractor exports rose rapidly to $X in 2022. Over the period under review, exports, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 135%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X units), Egypt (X units) and the United States (X units) were the main destinations of tractor exports from Nigeria, together accounting for 43% of total exports.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +24.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X) remains the key foreign market for tractors exports from Nigeria, comprising 39% of total exports. The second position in the ranking was taken by Egypt ($X), with a 5.6% share of total exports. It was followed by Cameroon, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Senegal totaled +33.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+68.5% per year) and Cameroon (+98.2% per year).

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, increasing by 2% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 50%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while the average price for exports to the United States ($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 Egypt (+35.7%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Nigeria

In 2022, the amount of tractors imported into Nigeria rose markedly to X units, surging by 6.6% compared with the previous year's figure. Over the period under review, imports recorded prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 209% against the previous year. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tractor imports skyrocketed to $X in 2022. Overall, imports posted a slight increase. The growth pace was the most rapid in 2020 when imports increased by 148% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X units), the United States (X units) and India (X units) were the main suppliers of tractor imports to Nigeria, with a combined 30% share of total imports. These countries were followed by Germany, Sweden, Cyprus, Poland, Brazil, Pakistan and Belgium, which together accounted for a further 6.7%.

From 2012 to 2022, the biggest increases were recorded for Cyprus (with a CAGR of +24.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of tractors to Nigeria, comprising 25% of total imports. The second position in the ranking was taken by Sweden ($X), with a 10% share of total imports. It was followed by Germany, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+20.6% per year) and Germany (+0.5% per year).

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, surging by 45% against the previous year. In general, the import price, however, recorded a abrupt decrease. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Sweden ($X per unit), while the price for Cyprus ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+17.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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