Nigeria: Cobalt Market Overview 2020

Cobalt Market Size in Nigeria

The revenue of the cobalt market in Nigeria amounted to $X in 2017, coming down by -X% against the previous year. In general, cobalt consumption continues to indicate a drastic deduction. The most prominent rate of growth was recorded in 2013, when it surged by -X% y-o-y. Nigeria cobalt consumption peaked of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Cobalt Production in Nigeria

Cobalt production in Nigeria amounted to X kg in 2017, approximately reflecting the previous year. Overall, cobalt production continues to indicate a relatively flat trend pattern.

Cobalt Exports by Country from Nigeria

The countries with the highest levels of cobalt exports in 2017 were Canada (X tonnes), Finland (X tonnes), the U.S. (X tonnes), Belgium (X tonnes), Japan (X tonnes), Russia (X tonnes), South Korea (X tonnes), China (X tonnes), Norway (X tonnes), Australia (X tonnes), Zambia (X tonnes) and the UK (X tonnes), together accounting for X% of total export.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by South Korea (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt markets worldwide were Canada ($X), Finland ($X) and the U.S. ($X), with a combined X% share of total exports. China, Norway, Australia, Japan, Zambia, the UK, Belgium, Russia and South Korea lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Japan (+X% per year) recorded the highest rates of growth with regard to exports, over the last decade, while the other leaders experienced more modest paces of growth.

Cobalt Export Prices by Country in Nigeria

The cobalt export price in Nigeria stood at X in 2017, remaining stable against by -% against the previous year. Over the period from 2007 to 2017, it decreased at an average annual rate of nan%. The pace of growth appeared the most rapid in 2008, when it surged by -% year-to-year.

There were significant differences in the average export prices amongst the major exporting countries. In 2017, the country with the highest export price was Australia ($X per kg), while South Korea ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Australia (+X% per year), while the other leaders experienced mixed trends in the export price figures.

Cobalt Imports into Nigeria

In 2017, cobalt imports into Nigeria amounted to X kg, waning by -X% against the previous year. Overall, cobalt imports continue to indicate a deep decrease. The most prominent rate of growth was recorded in 2013, with an increase of X% year-to-year. Over the period under review, the cobalt imports reached its maximum volume of X tonnes in 2014; however, from 2015 to 2017, it stood at a somewhat lower level.

In value terms, cobalt imports amounted to $X in 2017. Overall, cobalt imports continue to indicate a drastic slump. Nigeria imports peaked of $X in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

Cobalt Imports by Country into Nigeria

China prevails in cobalt imports structure, resulting at X tonnes, which was near X% of total imports in 2017. The following importers - the U.S. (X tonnes), Japan (X tonnes), the UK (X tonnes) and Finland (X tonnes) together made up X% of total imports.

China was also the fastest growing in terms of the cobalt imports, with a CAGR of +X% from 2007 to 2017. At the same time, Finland (+X%), the UK (+X%) and the U.S. (+X%) displayed positive paces of growth. By contrast, Japan (-X%) illustrated a downward trend over the same period. From 2007 to 2017, the share of China decreased by -X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cobalt into Nigeria, making up X% of global imports. The second position in the ranking was occupied by Japan ($X), with a X% share of global imports. It was followed by the U.S., with a X% share.

In China, cobalt imports expanded at an average annual rate of +X% over the period from 2007-2017. In the other countries, the average annual rates were as follows: Japan (-X% per year) and the U.S. (+X% per year).

Cobalt Import Prices by Country in Nigeria

In 2017, the cobalt import price in Nigeria amounted to $X per kg, rising by X% against the previous year. In general, cobalt import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017, when it surged by X% y-o-y. In that year, the import prices for cobalt reached their peak level, and is likely to continue its growth in the immediate term.

Import prices varied noticeably by the country of destination; the country with the highest import price was Japan ($X per kg), while China ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Japan (-X% per year), while the other leaders experienced a decline in the import price figures.

Source: IndexBox AI Platform