Nitrites; Nitrates Price in Nigeria - 2022

Nitrites; Nitrates Price in Nigeria (CIF) - 2022

In 2022, the average nitrites; nitrates import price amounted to $1,153 per ton, with an increase of 26% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nitrites; nitrates import price increased by +95.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 27%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($1,713 per ton), while the price for Poland ($372 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Nitrites; Nitrates Price in Nigeria (FOB) - 2022

The average nitrites; nitrates export price stood at $588 per ton in 2022, with an increase of 1.6% against the previous year. Overall, the export price, however, recorded a mild decline. The growth pace was the most rapid in 2017 when the average export price increased by 60%. The export price peaked at $791 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($64,700 per ton), while the average price for exports to Niger amounted to $543 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+38.1%).

Nitrites; Nitrates Imports in Nigeria

In 2022, the amount of nitrites; nitrateses imported into Nigeria soared to 38K tons, picking up by 140% compared with the previous year's figure. In general, imports continue to indicate a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitrites; nitrates imports soared to $43M in 2022. Overall, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Nitrites; Nitrates in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	5.9	9.2	9.7	28.8	69.6%
France	1.1	1.2	1.4	4.9	64.5%
South Korea	0.7	0.8	0.9	3.3	67.7%
China	0.6	0.7	0.4	1.8	44.2%
Spain	N/A	0.3	0.5	1.6	130.9%
Norway	0.4	0.4	0.4	1.3	48.1%
Poland	0.2	0.2	0.2	0.7	51.8%
Others	0.6	0.3	0.6	0.9	14.5%
Total	9.6	13.2	14.3	43.4	65.4%

Top Suppliers of Nitrites; Nitrates to Nigeria in 2022:

Russia (16.8K tons)
South Korea (6.9K tons)
France (3.5K tons)
China (3.5K tons)
Spain (2.0K tons)
Poland (1.9K tons)
Norway (1.4K tons)

Nitrites; Nitrates Exports in Nigeria

In 2022, shipments abroad of nitrites; nitrateses decreased by -44% to 28 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 450%. As a result, the exports attained the peak of 50 tons, and then fell sharply in the following year.

In value terms, nitrites; nitrates exports dropped markedly to $17K in 2022. Overall, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 631% against the previous year. As a result, the exports attained the peak of $29K, and then declined remarkably in the following year.