Western Africa: Nitrogen Market 2024

Nitrogen Market Size in Western Africa

The West African nitrogen market contracted to $X in 2021, which is down by -8.2% against the previous year. In general, consumption, however, enjoyed a remarkable increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Nitrogen Production in Western Africa

In value terms, nitrogen production reduced to $X in 2021 estimated in export price. In general, production, however, enjoyed a perceptible expansion. The growth pace was the most rapid in 2016 with an increase of 44%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Nitrogen Exports

Exports in Western Africa

In 2021, shipments abroad of nitrogen decreased by -73.4% to X cubic meters, falling for the second consecutive year after three years of growth. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 372% against the previous year. The volume of export peaked at X cubic meters in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports declined markedly to $X in 2021. In general, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2017 when exports increased by 99%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, finishing at X cubic meters, which was approx. 70% of total exports in 2021. Burkina Faso (X cubic meters) ranks second in terms of the total exports with an 8.2% share, followed by Senegal (5.4%). Guinea (X cubic meters), Ghana (X cubic meters), Nigeria (X cubic meters) and Mali (X cubic meters) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitrogen exports from Cote d'Ivoire stood at -2.8%. At the same time, Senegal (+22.1%), Mali (+18.0%), Burkina Faso (+10.3%), Guinea (+4.5%) and Nigeria (+1.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +22.1% from 2012-2021. By contrast, Ghana (-15.6%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+16 p.p.), Burkina Faso (+6.1 p.p.), Senegal (+4.8 p.p.), Guinea (+4.3 p.p.), Mali (+2.3 p.p.) and Nigeria (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-7.5 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest nitrogen supplier in Western Africa, comprising 52% of total exports. The second position in the ranking was held by Mali ($X), with a 12% share of total exports. It was followed by Senegal, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire totaled -8.5%. In the other countries, the average annual rates were as follows: Mali (+28.9% per year) and Senegal (+22.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per cubic meter in 2021, increasing by 43% against the previous year. Overall, the export price, however, recorded a abrupt contraction. The growth pace was the most rapid in 2013 when the export price increased by 43% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2014 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 Mali ($X per cubic meter), while Guinea ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+9.2%), while the other leaders experienced more modest paces of growth.

Nitrogen Imports

Imports in Western Africa

Nitrogen imports totaled X cubic meters in 2021, with an increase of 15% compared with the previous year's figure. In general, imports showed prominent growth. The growth pace was the most rapid in 2013 when imports increased by 213%. Over the period under review, imports hit record highs at X cubic meters in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports contracted sharply to $X in 2021. Over the period under review, imports showed a prominent increase. The growth pace was the most rapid in 2013 when imports increased by 157% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of nitrogen, namely Mali, Guinea and Senegal, represented more than two-thirds of total import. It was distantly followed by Ghana (X cubic meters), committing a 5.3% share of total imports. The following importers - Gambia (X cubic meters), Nigeria (X cubic meters) and Cote d'Ivoire (X cubic meters) - each finished at a 5.4% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +127.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrogen importing markets in Western Africa were Senegal ($X), Guinea ($X) and Mali ($X), together comprising 57% of total imports.

In terms of the main importing countries, Guinea, with a CAGR of +66.7%, 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 import price in Western Africa stood at $X per cubic meter in 2021, declining by -37.9% against the previous year. Over the period under review, the import price faced a abrupt contraction. The growth pace was the most rapid in 2014 an increase of 54% against the previous year. As a result, import price attained the peak level of $X per cubic meter. From 2015 to 2021, the 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 Cote d'Ivoire ($X per cubic meter), while Mali ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :