Western Africa: Metal Self-Locking Nut Market 2025

Metal Self-Locking Nut Exports

Exports in Western Africa

In 2021, exports of iron or steel nuts (including self-locking nuts) in Western Africa skyrocketed to X tons, with an increase of 26% on the year before. In general, exports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2018 when exports increased by 103% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, metal self-locking nut exports contracted markedly to $X in 2021. Overall, exports, however, recorded a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of 99% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria was the key exporting country with an export of around X tons, which reached 61% of total exports. Senegal (X tons) held the second position in the ranking, followed by Ghana (X tons) and Niger (X tons). All these countries together held near 26% share of total exports. Benin (X kg), Sierra Leone (X kg) and Togo (X kg) followed a long way behind the leaders.

Exports from Nigeria increased at an average annual rate of +6.8% from 2012 to 2021. At the same time, Sierra Leone (+27.1%), Togo (+25.8%), Senegal (+9.5%) and Niger (+8.8%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +27.1% from 2012-2021. By contrast, Benin (-19.9%) and Ghana (-25.5%) illustrated a downward trend over the same period. Nigeria (+45 p.p.), Senegal (+8 p.p.), Niger (+5.4 p.p.) and Sierra Leone (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Benin and Ghana saw its share reduced by -10.2% and -50.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal self-locking nut supplying countries in Western Africa were Senegal ($X), Nigeria ($X) and Ghana ($X), together comprising 70% of total exports. Niger, Sierra Leone, Benin and Togo lagged somewhat behind, together accounting for a further 20%.

Sierra Leone, with a CAGR of +40.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with a decrease of -33.7% against the previous year. In general, the export price, however, saw a notable increase. The pace of growth was the most pronounced in 2019 an increase of 67%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+12.1%), while the other leaders experienced more modest paces of growth.

Metal Self-Locking Nut Imports

Imports in Western Africa

Metal self-locking nut imports reached X tons in 2021, surging by 14% compared with 2020. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +59.3% against 2015 indices. The pace of growth appeared the most rapid in 2019 with an increase of 32%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, metal self-locking nut imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) represented roughly 67% of total imports in 2021. Sierra Leone (X tons) took the next position in the ranking, followed by Guinea (X tons) and Benin (X tons). All these countries together took approx. 18% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Sierra Leone (with a CAGR of +31.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported iron or steel nuts (including self-locking nuts) in Western Africa, comprising 30% of total imports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at -1.9%. In the other countries, the average annual rates were as follows: Ghana (+2.5% per year) and Cote d'Ivoire (+8.5% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 20% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2013 when the import price increased by 29% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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