Nigeria: Electronic Chip Market 2024

Electronic Chip Market Size in Nigeria

The Nigerien electronic chip market reached $X in 2023, with an increase of X% against the previous year. In general, consumption saw a resilient expansion. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

Electronic Chip Production in Nigeria

In value terms, electronic chip production amounted to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of X%. Electronic chip production peaked at $X in 2015; however, from 2016 to 2023, production failed to regain momentum.

Electronic Chip Exports

Exports from Nigeria

In 2023, electronic chip exports from Nigeria declined rapidly to X units, with a decrease of X% on the year before. In general, exports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by X%. The exports peaked at X units in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

In value terms, electronic chip exports reduced markedly to $X in 2023. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports reached the peak of $X. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for electronic chip exports from Nigeria, accounting for a X% share of total exports. Moreover, electronic chip exports to Germany exceeded the volume sent to the second major destination, Cameroon (X units), threefold. The third position in this ranking was taken by France (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Germany stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (X% per year) and France (X% per year).

In value terms, Germany ($X) remains the key foreign market for electronic chips exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Cameroon ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Germany amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (X% per year) and France (X% per year).

Export Prices by Country

The average electronic chip export price stood at $X per unit in 2023, reducing by X% against the previous year. Over the period under review, the export price showed a abrupt setback. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. As a result, the export price reached 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 Kenya ($X per unit), while the average price for exports to China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electronic Chip Imports

Imports into Nigeria

In 2023, supplies from abroad of electronic chips decreased by X% to X units, falling for the second consecutive year after five years of growth. Overall, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, electronic chip imports soared to $X in 2023. Over the period under review, imports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Imports peaked at $X in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X units) constituted the largest supplier of electronic chip to Nigeria, with a X% share of total imports. Moreover, electronic chip imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), fourfold. The third position in this ranking was taken by Serbia (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 Serbia (X% per year).

In value terms, China ($X), Singapore ($X) and France ($X) were the largest electronic chip suppliers to Nigeria, with a combined X% share of total imports. Serbia and the UK lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Serbia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average electronic chip import price amounted to $X per unit, growing by X% against the previous year. In general, the import price showed buoyant growth. The pace of growth was the most pronounced in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was France ($X per unit), while the price for Serbia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform