Nigeria: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Nigeria

In 2022, after two years of growth, there was significant decline in the Nigerien steel and iron articles market, when its value decreased by -53.6% to $X. Over the period under review, consumption faced a abrupt descent. Steel and iron articles consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Nigeria

After two years of decline, shipments abroad of articles of iron or steel increased by 478% to X tons in 2022. Overall, exports, however, showed a abrupt contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 129%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Mozambique (X tons) was the main destination for steel and iron articles exports from Nigeria, accounting for a 42% share of total exports. Moreover, steel and iron articles exports to Mozambique exceeded the volume sent to the second major destination, Benin (X tons), threefold. The third position in this ranking was held by Angola (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mozambique totaled +154.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+76.7% per year) and Angola (+55.0% per year).

In value terms, Cote d'Ivoire ($X), Congo ($X) and Mozambique ($X) appeared to be the largest markets for steel and iron articles exported from Nigeria worldwide, together comprising 52% of total exports.

Mozambique, with a CAGR of +119.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, which is down by -61.2% against the previous year. Overall, the export price showed a deep contraction. The growth pace was the most rapid in 2020 an increase of 54%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 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 Cote d'Ivoire ($X per ton), while the average price for exports to Senegal ($X 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 Gabon (+7.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Articles Of Iron Or Steel

Imports into Nigeria

In 2022, approx. X tons of articles of iron or steel were imported into Nigeria; with a decrease of -51% on the previous year's figure. Over the period under review, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2020 when imports increased by 71%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, steel and iron articles imports fell significantly to $X in 2022. Overall, imports showed a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by 62%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to Nigeria, accounting for a 35% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The UK (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+22.5% per year) and the UK (-6.3% per year).

In value terms, the UK ($X), China ($X) and Spain ($X) constituted the largest steel and iron articles suppliers to Nigeria, with a combined 45% share of total imports. Turkey, Germany, Austria, Italy, the United States, Israel, India, Malaysia, France and Norway lagged somewhat behind, together accounting for a further 41%.

Austria, with a CAGR of +75.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, declining by -6.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 45%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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