Nigeria: Zinc Market 2024

Zinc Market Size in Nigeria

The Nigerien zinc market dropped to $X in 2022, with a decrease of -8.7% 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). Overall, consumption saw a drastic downturn. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Zinc Exports

Exports from Nigeria

In 2022, after six years of growth, there was significant decline in overseas shipments of zinc, unwrought (not alloyed), when their volume decreased by -57.7% to X tons. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 663% against the previous year. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, zinc exports declined sharply to $X in 2022. Overall, exports, however, showed a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 843%. As a result, the exports attained the peak of $X, and then reduced remarkably in the following year.

Exports by Country

The United Arab Emirates (X tons), the United States (X tons) and India (X tons) were the main destinations of zinc exports from Nigeria, together comprising 94% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +80.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for zinc, unwrought (not alloyed) exports from Nigeria, comprising 49% of total exports. The second position in the ranking was held by India ($X), with a 22% share of total exports. It was followed by the United Arab Emirates, with a 21% share.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+10.2% per year) and the United Arab Emirates (+109.4% per year).

Export Prices by Country

The average zinc export price stood at $X per ton in 2022, growing by 7.9% against the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 an increase of 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+16.3%), while the prices for the other major destinations experienced mixed trend patterns.

Zinc Imports

Imports into Nigeria

In 2022, purchases abroad of zinc, unwrought (not alloyed) decreased by -19.4% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a deep setback. The pace of growth was the most pronounced in 2014 with an increase of 12%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, zinc imports dropped to $X in 2022. In general, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 25% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), India (X tons) and Brazil (X tons) were the main suppliers of zinc imports to Nigeria, together accounting for 41% of total imports. Thailand, the Netherlands, Japan, China, Belgium, Australia, Barbados and South Korea lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +27.1%), while imports for the other leaders experienced a decline.

In value terms, the largest zinc suppliers to Nigeria were Spain ($X), India ($X) and Japan ($X), with a combined 47% share of total imports. Brazil, the Netherlands, Belgium, Thailand, Australia, China, South Korea and Barbados lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, Thailand, with a CAGR of +29.3%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average zinc import price amounted to $X per ton, with an increase of 9.4% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc import price increased by +39.2% against 2020 indices. The growth pace was the most rapid in 2017 when the average import price increased by 30% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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