Nigeria: Electricity Supply Meter Market 2024

Electricity Supply Meter Market Size in Nigeria

The Nigerien electricity supply meter market declined markedly to $X in 2023, falling by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a sharp downturn. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Electricity Supply Meter Exports

Exports from Nigeria

In 2023, shipments abroad of electricity supply or production meters was finally on the rise to reach X units after two years of decline. Overall, exports, however, continue to indicate a dramatic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports attained the peak of X units. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, electricity supply meter exports dropped remarkably to $X in 2023. In general, exports, however, continue to indicate a sharp decrease. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports reached the peak of $X. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Africa (X units) was the main destination for electricity supply meter exports from Nigeria, with a X% share of total exports. Moreover, electricity supply meter exports to South Africa exceeded the volume sent to the second major destination, Benin (X units), ninefold.

From 2012 to 2023, the average annual rate of growth in terms of volume to South Africa totaled X%.

In value terms, the largest markets for electricity supply meter exported from Nigeria were South Africa ($X) and Benin ($X).

Benin, with a CAGR of X%, 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.

Export Prices by Country

In 2023, the average electricity supply meter export price amounted to $X per unit, declining by X% against the previous year. Over the period under review, the export price continues to indicate a deep setback. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2023, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per unit), while the average price for exports to South Africa totaled $X per unit.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (X%), while the prices for the other major destinations experienced mixed trend patterns.

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Electricity Supply Meter Imports

Imports into Nigeria

In 2023, imports of electricity supply or production meters into Nigeria declined remarkably to X units, dropping by X% on the previous year's figure. Overall, imports continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2023, imports failed to regain momentum.

In value terms, electricity supply meter imports shrank dramatically to $X in 2023. In general, imports saw a sharp setback. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, China (X units) constituted the largest electricity supply meter supplier to Nigeria, with a X% share of total imports. Moreover, electricity supply meter imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), threefold. The third position in this ranking was held by India (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of electricity supply or production meters to Nigeria, comprising X% of total imports. The second position in the ranking was held by Singapore ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and India (X% per year).

Import Prices by Country

The average electricity supply meter import price stood at $X per unit in 2023, surging by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2023, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Malaysia ($X per unit) and China ($X per unit), while the price for South Africa ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform