Nigeria: Truck Market 2025

Truck Exports

Exports from Nigeria

In 2022, overseas shipments of trucks decreased by -20.1% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2016 with an increase of 720%. Over the period under review, the exports attained the maximum at X units in 2021, and then declined dramatically in the following year.

In value terms, truck exports amounted to $X in 2022. Overall, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2016 with an increase of 222% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for truck exports from Nigeria, with a 85% share of total exports. Moreover, truck exports to the UK exceeded the volume sent to the second major destination, Benin (X units), more than tenfold. The third position in this ranking was taken by Niger (X units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK totaled +46.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+10.3% per year) and Niger (+11.6% per year).

In value terms, the largest markets for truck exported from Nigeria were the UK ($X), Niger ($X) and Ghana ($X), together accounting for 86% of total exports.

Among the main countries of destination, the UK, with a CAGR of +251.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average truck export price amounted to $X per unit, surging by 31% against the previous year. Over the period under review, the export price, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2014 an increase of 155% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per unit), while the average price for exports to Belgium ($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 Niger (+29.0%), while the prices for the other major destinations experienced a decline.

Truck Imports

Imports into Nigeria

In 2022, purchases abroad of trucks increased by 17% to X units, rising for the fifth year in a row after five years of decline. In general, imports recorded a pronounced increase. The most prominent rate of growth was recorded in 2019 when imports increased by 169% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, truck imports soared to $X in 2022. Overall, imports, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2019 when imports increased by 111%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest truck supplier to Nigeria, with a 69% share of total imports. Moreover, truck imports from the United States exceeded the figures recorded by the second-largest supplier, Barbados (X units), sixfold. Belgium (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Barbados (+20.6% per year) and Belgium (-9.9% per year).

In value terms, the United States ($X), China ($X) and Japan ($X) appeared to be the largest truck suppliers to Nigeria, together accounting for 69% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +7.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average truck import price amounted to $X per unit, surging by 24% against the previous year. Overall, the import price, however, saw a deep setback. The pace of growth appeared the most rapid in 2014 when the average import price increased by 49%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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