Price for Cereals; Maize (Corn), Seed in Nigeria - 2022
Contents:
- Price for Cereals; Maize (Corn), Seed in Nigeria (CIF) - 2022
- Price for Cereals; Maize (Corn), Seed in Nigeria (FOB) - 2022
- Imports of Cereals; Maize (Corn), Seed in Nigeria
- Exports of Cereals; Maize (Corn), Seed in Nigeria
Price for Cereals; Maize (Corn), Seed in Nigeria (CIF) - 2022
In 2022, the average cereals; maize (corn), seed import price amounted to $1,396 per ton, picking up by 49% against the previous year. In general, the import price, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by 59%. As a result, import price attained the peak level of $4,330 per ton. From 2017 to 2022, the average import prices remained at a lower figure.
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 Brazil ($2,708 per ton), while the price for South Africa ($589 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Cereals; Maize (Corn), Seed in Nigeria (FOB) - 2022
The average cereals; maize (corn), seed export price stood at $1,990 per ton in 2022, reducing by -5.9% against the previous year. In general, the export price, however, saw a noticeable expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 148%. Over the period under review, the average export prices reached the maximum at $10,131 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($1,982 per ton), while the average price for exports to Niger stood at $797 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (-0.7%).
Imports of Cereals; Maize (Corn), Seed in Nigeria
In 2022, supplies from abroad of cereals; maize (corn), seeds decreased by -62.1% to 1.9K tons, falling for the second year in a row after two years of growth. Overall, imports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 810%. As a result, imports attained the peak of 127K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, cereals; maize (corn), seed imports dropped notably to $2.6M in 2022. Over the period under review, imports showed a sharp curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 560% against the previous year. As a result, imports reached the peak of $90M. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Cereals; Maize (Corn), Seed in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Argentina | 3.5 | 82.5 | 1.6 | 2.1 | -15.7% |
| China | 5.9 | 3.9 | 1.9 | 0.2 | -67.6% |
| Brazil | 3.1 | 0.7 | 0.4 | 0.1 | -68.2% |
| South Africa | N/A | N/A | N/A | 0.1 | 0% |
| United States | 0.9 | 1.3 | 0.6 | 0.1 | -51.9% |
| Others | 0.3 | 1.6 | 0.2 | 0.1 | -30.7% |
| Total | 13.6 | 89.9 | 4.7 | 2.6 | -42.4% |
Top Suppliers of Cereals; Maize (Corn), Seed to Nigeria in 2022:
- Argentina (1380.5 tons)
- China (273.3 tons)
- South Africa (127.0 tons)
- United States (61.1 tons)
- Brazil (38.8 tons)
Exports of Cereals; Maize (Corn), Seed in Nigeria
In 2022, the amount of cereals; maize (corn), seeds exported from Nigeria fell sharply to 34 tons, with a decrease of -37.8% on 2021. In general, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2021 when exports increased by 789% against the previous year.
In value terms, cereals; maize (corn), seed exports shrank rapidly to $67K in 2022. Overall, exports continue to indicate a precipitous shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 487%.
| Export of Cereals; Maize (Corn), Seed in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ghana | 1,877 | 15.5 | 79.2 | 66.2 | -67.2% |
| Benin | 402 | 3.3 | 13.7 | 0.9 | -86.9% |
| Niger | 35.3 | 0.6 | 2.5 | 0.2 | -82.2% |
| Guinea | N/A | N/A | 18.9 | N/A | 0% |
| Others | 18.5 | 0.2 | 0.6 | 0.1 | -82.5% |
| Total | 2,333 | 19.6 | 115 | 67.3 | -69.3% |
Top Export Markets for Cereals; Maize (Corn), Seed from Nigeria in 2022:
- Ghana (33.4 tons)
- Niger (0.2 tons)
- Benin (0.2 tons)
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