Nigeria: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Nigeria

In 2021, the Nigerien wooden office furniture market increased by 12% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -33.8% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Wooden Office Furniture Production in Nigeria

In value terms, wooden office furniture production surged to $X in 2021 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -36.6% against 2018 indices. The growth pace was the most rapid in 2018 when the production volume increased by 69% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Wooden Office Furniture Exports

Exports from Nigeria

In 2021, the amount of wooden furniture of a kind used in offices exported from Nigeria shrank remarkably to X units, with a decrease of -54.6% on 2020 figures. Over the period under review, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 2,498% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, wooden office furniture exports soared to $X in 2021. In general, exports showed a mild contraction. The pace of growth was the most pronounced in 2013 when exports increased by 3,144%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Andorra (X units), Benin (X units) and Kenya (X units) were the main destinations of wooden office furniture exports from Nigeria, with a combined 89% share of total exports. Angola and Hong Kong SAR lagged somewhat behind, together comprising a further 8.1%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +31.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden office furniture exported from Nigeria were Kenya ($X), Andorra ($X) and Benin ($X), with a combined 89% share of total exports. Angola and Hong Kong SAR lagged somewhat behind, together comprising a further 8.2%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +20.3%, recorded 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

The average wooden office furniture export price stood at $X per unit in 2021, increasing by 251% against the previous year. Over the period under review, the export price continues to indicate pronounced growth. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Kenya ($X per unit), while the average price for exports to Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+3.7%), while the prices for the other major destinations experienced mixed trend patterns.

Wooden Office Furniture Imports

Imports into Nigeria

In 2021, overseas purchases of wooden furniture of a kind used in offices decreased by -60.3% to X units, falling for the second consecutive year after two years of growth. Overall, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 1,515%. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, wooden office furniture imports contracted notably to $X in 2021. Over the period under review, imports, however, saw significant growth. The growth pace was the most rapid in 2019 with an increase of 1,244% against the previous year. Imports peaked at $X in 2020, and then declined sharply in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of wooden office furniture to Nigeria, with a 43% share of total imports. Moreover, wooden office furniture imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. The third position in this ranking was taken by Turkey (X units), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +62.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+23.5% per year) and Turkey (+18.2% per year).

In value terms, China ($X), South Africa ($X) and Italy ($X) appeared to be the largest wooden office furniture suppliers to Nigeria, with a combined 63% share of total imports. Turkey, the UK, the United States, Germany, Hong Kong SAR, France, Malaysia and the United Arab Emirates lagged somewhat behind, together accounting for a further 29%.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of +127.7%, recorded 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 2021, the average wooden office furniture import price amounted to $X per unit, reducing by -14.6% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wooden office furniture import price increased by +18.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 49% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Africa ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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