Western Africa: Urea Market 2024

Urea Market Size in Western Africa

The West African urea market surged to $X in 2022, growing by 27% against the previous year. Over the period under review, consumption saw strong growth. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Urea Production in Western Africa

In value terms, urea production surged to $X in 2022 estimated in export price. Over the period under review, production showed a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 146% against the previous year. The level of production peaked in 2022 and is expected to retain growth in years to come.

Urea Exports

Exports in Western Africa

In 2022, shipments abroad of urea increased by 42% to X tons, rising for the second consecutive year after two years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 355% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, urea exports surged to $X in 2022. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 391%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Nigeria dominates exports structure, reaching X tons, which was approx. 96% of total exports in 2022. Togo (X tons) took a minor share of total exports.

Nigeria was also the fastest-growing in terms of the urea exports, with a CAGR of +37.2% from 2012 to 2022. At the same time, Togo (+36.0%) displayed positive paces of growth. While the share of Nigeria (+9.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest urea supplier in Western Africa, comprising 99% of total exports. The second position in the ranking was taken by Togo ($X), with a 0.6% share of total exports.

In Nigeria, urea exports expanded at an average annual rate of +44.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the export price saw a prominent expansion. The pace of growth was the most pronounced in 2020 when the export price increased by 69%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%).

Urea Imports

Imports in Western Africa

In 2022, purchases abroad of urea increased by 45% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 54% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, urea imports surged to $X in 2022. Overall, imports, however, showed a slight downturn. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Senegal was the main importing country with an import of around X tons, which recorded 49% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 20% share, followed by Togo (8.4%), Ghana (8.3%) and Mali (5.9%). Burkina Faso (X tons) and Benin (X tons) followed a long way behind the leaders.

Imports into Senegal increased at an average annual rate of +9.7% from 2012 to 2022. At the same time, Togo (+34.9%) and Ghana (+23.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +34.9% from 2012-2022. By contrast, Cote d'Ivoire (-2.2%), Burkina Faso (-11.5%), Benin (-12.0%) and Mali (-14.1%) illustrated a downward trend over the same period. While the share of Senegal (+31 p.p.), Togo (+8 p.p.) and Ghana (+7.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-3.3 p.p.), Benin (-4 p.p.), Burkina Faso (-6.7 p.p.) and Mali (-19.2 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) constitutes the largest market for imported urea in Western Africa, comprising 44% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 20% share of total imports. It was followed by Togo, with an 18% share.

In Senegal, urea imports expanded at an average annual rate of +8.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-3.1% per year) and Togo (+43.8% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, growing by 10% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 22%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Togo ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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