Western Africa: Acyclic Hydrocarbons Market 2022

Acyclic Hydrocarbons Market Size in Western Africa

In 2020, the West African acyclic hydrocarbons market decreased by -X% to $X for the first time since 2017, thus ending a two-year rising trend. In general, consumption continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2014 when the market value increased by X% y-o-y. The level of consumption peaked at $X in 2007; however, from 2008 to 2020, consumption stood at a somewhat lower figure.

Acyclic Hydrocarbons Production in Western Africa

In value terms, acyclic hydrocarbons production shrank to $X in 2020 estimated in export prices. Overall, production, however, saw a slight setback. The growth pace was the most rapid in 2014 when the production volume increased by X% year-to-year. The level of production peaked at $X in 2007; however, from 2008 to 2020, production failed to regain the momentum.

Production By Country in Western Africa

The country with the largest volume of acyclic hydrocarbons production was Nigeria (X tons), accounting for X% of total volume. Moreover, acyclic hydrocarbons production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), sixfold. The third position in this ranking was occupied by Niger (X tons), with a X% share.

In Nigeria, acyclic hydrocarbons production remained relatively stable over the period from 2007-2020. In the other countries, the average annual rates were as follows: Ghana (+X% per year) and Niger (+X% per year).

Acyclic Hydrocarbons Exports

Exports in Western Africa

In 2020, approx. X tons of acyclic hydrocarbons were exported in Western Africa; waning by -X% compared with the year before. Over the period under review, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The volume of export peaked at X tons in 2007; however, from 2008 to 2020, exports remained at a lower figure.

In value terms, acyclic hydrocarbons exports contracted markedly to $X in 2020. Overall, exports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2012 when exports increased by X% y-o-y. The level of export peaked at $X in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

Exports by Country

Nigeria (X tons) represented roughly X% of total exports of acyclic hydrocarbons in 2020.

Nigeria was also the fastest-growing in terms of the acyclic hydrocarbons exports, with a CAGR of -X% from 2007 to 2020. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest acyclic hydrocarbons supplier in Western Africa.

From 2007 to 2020, the average annual growth rate of value in Nigeria amounted to -X%.

Export Prices by Country

The acyclic hydrocarbons export price in Western Africa stood at $X per ton in 2020, increasing by X% against the previous year. Export price indicated a perceptible expansion from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, acyclic hydrocarbons export price increased by +X% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by X% year-to-year. Over the period under review, export prices attained the peak figure in 2020 and is likely to continue growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2007 to 2020, the rate of growth in terms of prices for Nigeria amounted to +X% per year.

Acyclic Hydrocarbons Imports

Imports in Western Africa

In 2020, purchases abroad of acyclic hydrocarbons increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, imports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of X% year-to-year. The volume of import peaked in 2020 and is likely to see gradual growth in years to come.

In value terms, acyclic hydrocarbons imports skyrocketed to $X in 2020. In general, imports showed a moderate increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria dominates acyclic hydrocarbons imports structure, accounting for X tons, which was approx. X% of total imports in 2020. Togo (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +X% from 2007 to 2020. At the same time, Togo (+X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +X% from 2007-2020. From 2007 to 2020, the share of Nigeria increased by +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported acyclic hydrocarbons in Western Africa, comprising X% of total imports. The second position in the ranking was occupied by Togo ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value in Nigeria stood at +X%.

Import Prices by Country

In 2020, the acyclic hydrocarbons import price in Western Africa amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, saw a pronounced reduction. The growth pace was the most rapid in 2008 when the import price increased by X% year-to-year. Over the period under review, import prices attained the maximum at $X per ton in 2011; however, from 2012 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Togo ($X per ton), while Nigeria amounted to $X per ton.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Togo.

Source: IndexBox Platform

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