Nigeria: Watch Market 2024

Watch Market Size in Nigeria

After three years of decline, the Nigerien watch market increased by 1.3% to $X in 2021. Over the period under review, consumption, however, showed a abrupt decrease. Watch consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Watch Production in Nigeria

In value terms, watch production fell modestly to $X in 2021 estimated in export price. In general, production, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 42% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports from Nigeria

In 2021, overseas shipments of watches decreased by -31.4% to X units, falling for the second consecutive year after two years of growth. Overall, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 811% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, watch exports contracted markedly to $X in 2021. In general, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2013 when exports increased by 344% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Sudan (X units), the United Arab Emirates (X units) and Germany (X units) were the main destinations of watch exports from Nigeria, with a combined 48% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +101.1%), while the other leaders experienced more modest paces of growth.

In value terms, Sudan ($X), Germany ($X) and the United States ($X) constituted the largest markets for watch exported from Nigeria worldwide, together comprising 69% of total exports.

In terms of the main countries of destination, Sudan, with a CAGR of +147.0%, 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 2021, the average watch export price amounted to $X per unit, surging by 2.9% against the previous year. Overall, the export price, however, showed a noticeable descent. The growth pace was the most rapid in 2020 when the average export price increased by 288% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Sudan ($X per unit), while the average price for exports to Niger ($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 Sudan (+445.9%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Nigeria

In 2021, purchases abroad of watches decreased by -18.4% to X units for the first time since 2017, thus ending a three-year rising trend. In general, imports recorded a dramatic contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 154% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, watch imports stood at $X in 2021. Overall, imports, however, continue to indicate tangible growth. The pace of growth was the most pronounced in 2019 when imports increased by 178%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest watch supplier to Nigeria, with a 41% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Canada (X units), fourfold. The third position in this ranking was taken by the United States (X units), with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -32.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+42.6% per year) and the United States (+5.8% per year).

In value terms, the United States ($X), Switzerland ($X) and the United Arab Emirates ($X) were the largest watch suppliers to Nigeria, together comprising 34% of total imports. The UK, China, Turkey, Hong Kong SAR, Germany, Israel, Canada, France, India and South Africa lagged somewhat behind, together accounting for a further 31%.

In terms of the main suppliers, Turkey, with a CAGR of +49.2%, 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

The average watch import price stood at $X per unit in 2021, with an increase of 23% against the previous year. Over the period under review, the import price posted significant growth. The growth pace was the most rapid in 2017 an increase of 208%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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 Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+39.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :