Nigeria: Market for Iron or Steel Cans 2024

Market Size for Iron or Steel Cans in Nigeria

In 2022, the Nigerien iron or steel can market increased by X% to $X for the first time since 2017, thus ending a four-year declining trend. Overall, consumption, however, recorded a deep downturn. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Iron or Steel Cans

Exports from Nigeria

Iron or steel can exports from Nigeria skyrocketed to X units in 2015, jumping by X% on 2014. Over the period under review, exports, however, recorded a sharp decline. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2015, the exports failed to regain momentum.

In value terms, iron or steel can exports surged to $X in 2015. Overall, exports, however, showed a precipitous contraction. The exports peaked at $X in 2013; however, from 2014 to 2015, the exports failed to regain momentum.

Exports by Country

Togo (X units) was the main destination for iron or steel can exports from Nigeria, accounting for a X% share of total exports. Moreover, iron or steel can exports to Togo exceeded the volume sent to the second major destination, China (X units), tenfold. The UK (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2015, the average annual rate of growth in terms of volume to Togo was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the UK (X% per year).

In value terms, Togo ($X) emerged as the key foreign market for iron or steel cans exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by the UK ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2013 to 2015, the average annual growth rate of value to Togo was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and China (X% per year).

Export Prices by Country

The average iron or steel can export price stood at $X per unit in 2015, reducing by X% against the previous year. In general, export price indicated a significant expansion from 2013 to 2015: its price increased at an average annual rate of X% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2015 figures, iron or steel can export price increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit, and then reduced in the following year.

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

From 2013 to 2015, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced a decline.

Imports of Iron or Steel Cans

Imports into Nigeria

In 2022, after four years of decline, there was significant growth in supplies from abroad of iron or steel cans, when their volume increased by X% to X units. Over the period under review, imports, however, saw a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of X%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel can imports surged to $X in 2022. Overall, imports, however, continue to indicate a abrupt decline. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of iron or steel can to Nigeria, accounting for a X% share of total imports. Moreover, iron or steel can imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), sixfold. The third position in this ranking was taken by Singapore (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Singapore (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel cans to Nigeria, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average iron or steel can import price amounted to $X per unit, surging by X% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel can import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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