Western Africa: Crude Granite Market 2024

Crude Granite Market Size in Western Africa

The West African crude granite market fell to $X in 2022, which is down by -10.4% against the previous year. Overall, consumption, however, showed resilient growth. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Crude Granite Production in Western Africa

In value terms, crude granite production reduced to $X in 2022 estimated in export price. In general, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 96% against the previous year. As a result, production attained the peak level of $X, and then fell in the following year.

Crude Granite Exports

Exports in Western Africa

In 2022, shipments abroad of granite (crude) decreased by -45.3% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 1,034%. As a result, the exports attained the peak of X tons, and then declined significantly in the following year.

In value terms, crude granite exports contracted remarkably to $X in 2022. Overall, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 1,824%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Nigeria dominates exports structure, amounting to X tons, which was near 90% of total exports in 2022. It was distantly followed by Mauritania (X tons), making up an 8.4% share of total exports.

Nigeria was also the fastest-growing in terms of the granite (crude) exports, with a CAGR of +285.5% from 2012 to 2022. At the same time, Mauritania (+16.3%) displayed positive paces of growth. Nigeria (+90 p.p.) significantly strengthened its position in terms of the total exports, while Mauritania saw its share reduced by -46.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest crude granite supplier in Western Africa, comprising 96% of total exports. The second position in the ranking was taken by Mauritania ($X), with a 3.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +285.5%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, shrinking by -4% against the previous year. In general, the export price, however, saw modest growth. The most prominent rate of growth was recorded in 2021 when the export price increased by 70% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, 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 amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (-7.1%).

Crude Granite Imports

Imports in Western Africa

After three years of growth, overseas purchases of granite (crude) decreased by -42.3% to X tons in 2022. Overall, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 546% against the previous year. As a result, imports attained the peak of X tons, and then shrank markedly in the following year.

In value terms, crude granite imports declined rapidly to $X in 2022. In general, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 777% against the previous year. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

Nigeria was the main importing country with an import of about X tons, which amounted to 67% of total imports. Niger (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (10%). Gambia (X tons) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +40.2% from 2012 to 2022. At the same time, Niger (+74.2%), Burkina Faso (+33.3%) and Gambia (+23.4%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +74.2% from 2012-2022. Nigeria (+41 p.p.), Niger (+19 p.p.) and Burkina Faso (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported granite (crude) in Western Africa, comprising 68% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 14% share of total imports. It was followed by Niger, with a 6.9% share.

In Nigeria, crude granite imports increased at an average annual rate of +36.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Burkina Faso (+48.2% per year) and Niger (+27.8% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, shrinking by -3.5% against the previous year. In general, the import price showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the import price increased by 36% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+11.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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