Nigeria: Ink Market 2022

Ink Market Size in Nigeria

In 2021, the Nigerien ink market increased by 68% to $X, rising for the third consecutive year after two years of decline. Overall, consumption continues to indicate a buoyant expansion. Ink consumption peaked in 2021 and is likely to see gradual growth in years to come.

Ink Exports

Exports from Nigeria

In 2021, approx. X tons of inks (excluding printing ink) were exported from Nigeria; with an increase of 255% compared with the previous year's figure. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 541%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, ink exports shrank modestly to $X in 2021. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 218%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Benin (X tons) was the main destination for ink exports from Nigeria, with a 84% share of total exports. Moreover, ink exports to Benin exceeded the volume sent to the second major destination, Burkina Faso (X kg), sixfold.

From 2012 to 2021, the average annual growth rate of volume to Benin stood at +84.7%.

In value terms, Benin ($X) emerged as the key foreign market for ink exports from Nigeria, comprising 68% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 32% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Benin amounted to +39.0%.

Export Prices by Country

The average ink export price stood at $X per ton in 2021, declining by -72.2% against the previous year. Over the period under review, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 an increase of 137% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to Benin totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+27.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ink Imports

Imports into Nigeria

In 2021, purchases abroad of inks (excluding printing ink) increased by 67% to X tons, rising for the third consecutive year after two years of decline. Overall, imports posted strong growth. The pace of growth was the most pronounced in 2019 when imports increased by 190% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, ink imports soared to $X in 2021. Over the period under review, imports saw strong growth. The pace of growth was the most pronounced in 2019 with an increase of 322%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

India (X tons), China (X tons) and Germany (X tons) were the main suppliers of ink imports to Nigeria, with a combined 83% share of total imports. These countries were followed by Turkey, Switzerland and France, which together accounted for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +135.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ink suppliers to Nigeria were Switzerland ($X), India ($X) and China ($X), together comprising 75% of total imports. Germany, France and Turkey lagged somewhat behind, together comprising a further 18%.

In terms of the main suppliers, Turkey, with a CAGR of +145.2%, saw the highest growth rate of 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

The average ink import price stood at $X per ton in 2021, picking up by 2.4% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ink import price decreased by -44.0% against 2019 indices. The growth pace was the most rapid in 2019 an increase of 45%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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