Nigeria: Measuring Instrument Market 2024

Measuring Instrument Market Size in Nigeria

The Nigerien measuring instrument market reduced remarkably to $X in 2022, which is down 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). In general, consumption, however, showed a resilient increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Measuring Instrument Exports

Exports from Nigeria

In 2022, approx. X units of instruments and apparatus for measuring or checking the flow or level of liquids were exported from Nigeria; flattening at 2021. Overall, exports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, measuring instrument exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for measuring instrument exports from Nigeria, accounting for a X% share of total exports. Moreover, measuring instrument exports to the UK exceeded the volume sent to the second major destination, Oman (X units), threefold. The third position in this ranking was held by the Netherlands (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (X% per year) and the Netherlands (X% per year).

In value terms, the UK ($X) emerged as the key foreign market for instruments and apparatus for measuring or checking the flow or level of liquids exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Oman (X% per year).

Export Prices by Country

The average measuring instrument export price stood at $X per unit in 2022, surging by X% against the previous year. In general, the export price, however, continues to indicate a slight reduction. The growth pace was the most rapid in 2013 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (X%), while the prices for the other major destinations experienced a decline.

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Measuring Instrument Imports

Imports into Nigeria

In 2022, approx. X units of instruments and apparatus for measuring or checking the flow or level of liquids were imported into Nigeria; which is down by X% on 2021. Over the period under review, imports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by X%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, measuring instrument imports shrank remarkably to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, India (X units) constituted the largest supplier of measuring instrument to Nigeria, with a X% share of total imports. Moreover, measuring instrument imports from India exceeded the figures recorded by the second-largest supplier, China (X units), ninefold. The third position in this ranking was taken by the UK (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the UK (X% per year).

In value terms, China ($X), India ($X) and France ($X) constituted the largest measuring instrument suppliers to Nigeria, with a combined X% share of total imports. Germany, Norway, the UK, the United States, the Netherlands, the United Arab Emirates, Italy and Greece lagged somewhat behind, together accounting for a further X%.

The Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to 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 measuring instrument import price amounted to $X per unit, with a decrease of X% against the previous year. Overall, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per unit), while the price for India ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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