Western Africa: Refined Copper Market 2025

Refined Copper Market Size in Western Africa

The West African refined copper market amounted to $X in 2022, remaining stable against the previous year. The total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.7% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refined Copper Production in Western Africa

In value terms, refined copper production amounted to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 26% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Copper Exports

Exports in Western Africa

In 2022, the amount of refined copper (unwrought, not alloyed) exported in Western Africa rose remarkably to X tons, growing by 11% against 2021 figures. Over the period under review, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 1,444% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined copper exports soared to $X in 2022. Overall, exports, however, continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2018 when exports increased by 1,477%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria prevails in exports structure, amounting to X tons, which was approx. 96% of total exports in 2022. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined copper exports from Nigeria stood at -12.1%. At the same time, Guinea (+44.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +44.7% from 2012-2022. Guinea (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -3.4% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest refined copper supplier in Western Africa, comprising 96% of total exports. The second position in the ranking was held by Guinea ($X), with a 3.5% share of total exports.

In Nigeria, refined copper exports declined by an average annual rate of -8.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, increasing by 8.7% against the previous year. Export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +35.2% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the export price increased by 80%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+36.2%).

Refined Copper Imports

Imports in Western Africa

In 2022, supplies from abroad of refined copper (unwrought, not alloyed) increased by 161% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports showed a remarkable increase. The growth pace was the most rapid in 2014 when imports increased by 300%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined copper imports soared to $X in 2022. Overall, imports continue to indicate a measured increase. The pace of growth appeared the most rapid in 2013 when imports increased by 76%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near 85% of total imports in 2022. It was distantly followed by Ghana (X tons), mixing up a 5.4% share of total imports. The following importers - Gambia (X tons), Cote d'Ivoire (X tons) and Guinea (X tons) - together made up 8.4% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined copper imports into Nigeria stood at +8.6%. At the same time, Gambia (+39.1%), Guinea (+21.4%), Ghana (+9.1%) and Cote d'Ivoire (+3.4%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +39.1% from 2012-2022. Nigeria (+4.9 p.p.) and Gambia (+4.1 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 ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in Western Africa, comprising 86% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 5.9% share of total imports. It was followed by Ghana, with a 4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+10.0% per year) and Ghana (-1.2% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, waning by -34.6% against the previous year. In general, the import price continues to indicate a pronounced setback. The growth pace was the most rapid in 2019 when the import price increased by 66% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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