Western Africa: Granite Building Stone Market 2024

Granite Building Stone Market Size in Western Africa

The West African granite building stone market shrank to $X in 2021, reducing by -7.3% against the previous year. Over the period under review, consumption continues to indicate a perceptible setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Granite Building Stone Production in Western Africa

In value terms, granite building stone production declined slightly to $X in 2021 estimated in export price. Over the period under review, production showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Granite Building Stone Exports

Exports in Western Africa

In 2021, granite building stone exports in Western Africa dropped markedly to X tons, with a decrease of -74.9% compared with the previous year. In general, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 2,651% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, granite building stone exports shrank notably to $X in 2021. Over the period under review, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2017 when exports increased by 390% against the previous year. The level of export peaked at $X in 2020, and then reduced rapidly in the following year.

Exports by Country

In 2021, Mauritania (X tons) was the major exporter of granite building stone, generating 72% of total exports. It was distantly followed by Ghana (X tons) and Nigeria (X tons), together achieving a 20% share of total exports. The following exporters - Niger (X tons) and Cote d'Ivoire (X tons) - each accounted for a 7.8% share of total exports.

Exports from Mauritania decreased at an average annual rate of -11.5% from 2012 to 2021. At the same time, Ghana (+16.5%), Cote d'Ivoire (+14.1%) and Niger (+11.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +16.5% from 2012-2021. By contrast, Nigeria (-7.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Niger and Cote d'Ivoire increased by +11, +4.2 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X), Nigeria ($X) and Niger ($X) constituted the countries with the highest levels of exports in 2021, together comprising 84% of total exports.

Among the main exporting countries, Niger, with a CAGR of +18.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, reducing by -27.9% against the previous year. In general, the export price saw a slight decline. The most prominent rate of growth was recorded in 2013 an increase of 203%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+5.7%), while the other leaders experienced mixed trends in the export price figures.

Granite Building Stone Imports

Imports in Western Africa

In 2021, after three years of growth, there was significant decline in supplies from abroad of granite building stone, when their volume decreased by -21.4% to X tons. Over the period under review, imports showed a noticeable setback. The growth pace was the most rapid in 2020 when imports increased by 59% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports reduced to $X in 2021. In general, imports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2020 with an increase of 95% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was approx. 80% of total imports in 2021. It was distantly followed by Ghana (X tons), creating an 8.1% share of total imports. The following importers - Cabo Verde (X tons) and Cote d'Ivoire (X tons) - each accounted for a 6.1% share of total imports.

Imports into Nigeria decreased at an average annual rate of -2.9% from 2012 to 2021. At the same time, Cabo Verde (+10.0%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +10.0% from 2012-2021. By contrast, Cote d'Ivoire (-1.6%) and Ghana (-4.0%) illustrated a downward trend over the same period. While the share of Cabo Verde (+2.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported granite building stone in Western Africa, comprising 74% of total imports. The second position in the ranking was taken by Ghana ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to -6.0%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-2.1% per year) and Cote d'Ivoire (-3.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, rising by 10% against the previous year. In general, the import price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2020 an increase of 23%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Ghana ($X per ton) and Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) and Cabo Verde ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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