Price for Cereal Groats and Meal; of Wheat in Nigeria - 2023

Contents:

1. Price for Cereal Groats and Meal; of Wheat in Nigeria (CIF) - 2022
2. Price for Cereal Groats and Meal; of Wheat in Nigeria (FOB) - 2022
3. Imports of Cereal Groats and Meal; of Wheat in Nigeria
4. Exports of Cereal Groats and Meal; of Wheat in Nigeria

Price for Cereal Groats and Meal; of Wheat in Nigeria (CIF) - 2022

In 2022, the average import price for cereal groats and meal; of wheats amounted to $737 per ton, with an increase of 30% against the previous year. Over the period under review, the import price showed a remarkable increase. The growth pace was the most rapid in 2013 an increase of 1,965%. As a result, import price reached the peak level of $4,965 per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($1,089 per ton), while the price for the UK amounted to $325 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+17.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Cereal Groats and Meal; of Wheat in Nigeria (FOB) - 2022

In 2022, the average export price for cereal groats and meal; of wheats amounted to $781 per ton, remaining relatively unchanged against the previous year. Overall, the export price showed a strong expansion. The pace of growth was the most pronounced in 2013 an increase of 611%. As a result, the export price reached the peak level of $1,370 per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($1,172 per ton), while the average price for exports to the UK ($301 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cereal Groats and Meal; of Wheat in Nigeria

In 2022, supplies from abroad of cereal groats and meal; of wheats decreased by -79% to 632 tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2020 when imports increased by 414%. As a result, imports attained the peak of 15K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of cereal groats and meal; of wheats dropped significantly to $466K in 2022. Over the period under review, imports faced a sharp shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 263% against the previous year. As a result, imports attained the peak of $17M. From 2021 to 2022, the growth of imports of remained at a lower figure.

Top Suppliers of Cereal Groats and Meal; of Wheat to Nigeria in 2022:

1. China (337.3 tons)
2. United Kingdom (287.1 tons)

Exports of Cereal Groats and Meal; of Wheat in Nigeria

In 2022, shipments abroad of cereal groats and meal; of wheats decreased by -70.4% to 21 tons for the first time since 2018, thus ending a three-year rising trend. In general, exports saw a deep slump. The growth pace was the most rapid in 2020 when exports increased by 131% against the previous year.

In value terms, exports of cereal groats and meal; of wheats fell rapidly to $16K in 2022. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by 51% against the previous year.

Top Export Markets for Cereal Groats and Meal; of Wheat from Nigeria in 2022:

1. United States (9.6 tons)
2. Ireland (4.7 tons)
3. United Kingdom (3.1 tons)
4. Niger (1.1 tons)
5. Canada (0.9 tons)
6. Benin (0.7 tons)
7. South Africa (0.5 tons)

Source: IndexBox Market Intelligence Platform