Report Update Apr 24, 2024

Nigeria - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Iron Ore Market 2024

Iron Ore Market Size in Nigeria

The Nigerien iron ore market dropped remarkably to $X in 2023, with a decrease of X% against the previous year. Overall, consumption, however, continues to indicate a perceptible slump. Iron ore consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Iron Ore Production in Nigeria

In value terms, iron ore production amounted to $X in 2023 estimated in export price. Overall, production continues to indicate a slight increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from Nigeria

In 2023, approx. X tons of iron ores and concentrates were exported from Nigeria; with an increase of X% on the previous year. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The exports peaked in 2023 and are expected to retain growth in the near future.

In value terms, iron ore exports skyrocketed to $X in 2023. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for iron ore exports from Nigeria, with a approx. X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to China totaled X%.

In value terms, China ($X) also remains the key foreign market for iron ores and concentrates exports from Nigeria.

From 2012 to 2023, the average annual growth rate of value to China stood at X%.

Export Prices by Country

In 2023, the average iron ore export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, showed a significant contraction. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2023, the rate of growth in terms of prices for China amounted to X% per year.

Iron Ore Imports

Imports into Nigeria

In 2023, approx. X tons of iron ores and concentrates were imported into Nigeria; increasing by X% against the year before. Overall, imports, however, saw a sharp slump. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, iron ore imports stood at $X in 2023. In general, imports, however, showed a sharp decrease. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

France (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of iron ore imports to Nigeria, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the Netherlands ($X) constituted the largest supplier of iron ores and concentrates to Nigeria, comprising X% of total imports. The second position in the ranking was held by France ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from the Netherlands stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and China (X% per year).

Import Prices by Country

In 2023, the average iron ore import price amounted to $X per ton, with a decrease of X% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. The import price peaked at $X per ton in 2022, and then fell markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

This report provides an in-depth analysis of the iron ore 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:

Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
Prodcom 07101010 -
Prodcom 07101020 -

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