Report Update Apr 1, 2024

Nigeria - Iron and Steel - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Iron And Steel Market 2024

Iron And Steel Market Size in Nigeria

The Nigerien iron and steel market rose significantly to $X in 2021, with an increase of 6.9% 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). Over the period under review, consumption, however, saw a perceptible descent. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Iron And Steel Exports

Exports from Nigeria

In 2021, the amount of iron and steel exported from Nigeria was estimated at less than X kg, approximately reflecting 2020 figures. Over the period under review, exports showed a relatively flat trend pattern.

In value terms, iron and steel exports amounted to less than $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern.

Exports by Country

Niger (X tons), India (X tons) and Benin (X tons) were the main destinations of iron and steel exports from Nigeria. Moreover, iron and steel exports in Niger exceeded the figures recorded by the second-largest exporter, India, fourfold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Niger (with a CAGR of +140.6%), while the other leaders experienced mixed trend patterns.

In value terms, Niger ($X), India ($X) and Benin ($X) constituted the largest markets for iron and steel exported from Nigeria worldwide.

Niger, with a CAGR of +134.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average iron and steel export price stood at less than $X per ton in 2021, stabilizing at the previous year. In general, the export price saw a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+21.3%), while the prices for the other major destinations experienced mixed trend patterns.

Iron And Steel Imports

Imports into Nigeria

In 2021, iron and steel imports into Nigeria skyrocketed to X tons, rising by 43% compared with 2020 figures. In general, imports, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2013 with an increase of 1,556% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports contracted markedly to $X in 2021. Over the period under review, imports enjoyed a tangible increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,511%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main iron and steel supplier to Nigeria, with a 91% share of total imports. Moreover, iron and steel imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+26.4% per year) and India (-16.7% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel to Nigeria, comprising 80% of total imports. The second position in the ranking was held by Italy ($X), with an 8.5% share of total imports. It was followed by India, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+22.9% per year) and India (-4.7% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, shrinking by -95.7% against the previous year. Overall, the import price, however, showed a strong expansion. The growth pace was the most rapid in 2020 an increase of 2,050%. As a result, import price reached the peak level of $X per ton, and then shrank dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+14.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for iron and steel in the world?

The country with the largest volume of iron and steel consumption was China, comprising approx. 64% of total volume. Moreover, iron and steel consumption in China exceeded the figures recorded by the second-largest consumer, Japan, more than tenfold. The third position in this ranking was held by India, with a 5.8% share.

What are the largest producers of iron and steel in the world?

The country with the largest volume of iron and steel production was China, comprising approx. 63% of total volume. Moreover, iron and steel production in China exceeded the figures recorded by the second-largest producer, India, more than tenfold. Japan ranked third in terms of total production with a 5.9% share.

What are the leading suppliers of iron and steel to Nigeria?

In value terms, China constituted the largest supplier of iron and steel to Nigeria, comprising 80% of total imports. The second position in the ranking was taken by Italy, with an 8.5% share of total imports. It was followed by India, with a 7.1% share.

What are the leading importers of iron and steel from Nigeria?

In value terms, the largest markets for iron and steel exported from Nigeria were Niger, India and Benin.

What is the average export price for iron and steel in Nigeria?

The average iron and steel export price stood at less than $0.1 per ton in 2021, stabilizing at the previous year.

What is the average import price for iron and steel in Nigeria?

The average iron and steel import price stood at $992 per ton in 2021, reducing by -95.7% against the previous year.

This report provides an in-depth analysis of the iron and steel market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023