Nigeria: Market for Machine Tools For Working Metal Without Removing Metal 2023

Market Size for Machine Tools For Working Metal Without Removing Metal in Nigeria

After three years of growth, the Nigerien machine tool for metal market decreased by -49.1% to $X in 2021. In general, consumption, however, posted significant growth. Machine tool for metal consumption peaked at $X in 2020, and then reduced sharply in the following year.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Nigeria

In 2017, approx. X units of machine tools for working metal without removing metal were exported from Nigeria; rising by 632% compared with the previous year. In general, exports, however, faced a sharp shrinkage. The exports peaked at X units in 2013; however, from 2014 to 2017, the exports stood at a somewhat lower figure.

In value terms, machine tool for metal exports soared to $X in 2017. Over the period under review, exports, however, recorded a precipitous slump. The growth pace was the most rapid in 2016 when exports increased by 16% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2017, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X units) was the main destination for machine tool for metal exports from Nigeria, accounting for a 91% share of total exports. Moreover, machine tool for metal exports to the Netherlands exceeded the volume sent to the second major destination, Cote d'Ivoire (X units), more than tenfold.

From 2013 to 2017, the average annual growth rate of volume to the Netherlands was relatively modest.

In value terms, the largest markets for machine tool for metal exported from Nigeria were Cote d'Ivoire ($X) and the Netherlands ($X).

Cote d'Ivoire, with a CAGR of +250.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2017, the average machine tool for metal export price amounted to $X per unit, declining by -84.6% against the previous year. Overall, the export price, however, posted a significant increase. The most prominent rate of growth was recorded in 2016 an increase of 768% against the previous year. As a result, the export price attained the peak level of $X per unit, and then declined remarkably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to the Netherlands stood at $X per unit.

From 2013 to 2017, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+1,128.7%).

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Nigeria

In 2021, purchases abroad of machine tools for working metal without removing metal decreased by -45.8% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, imports, however, posted significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 385% against the previous year. Imports peaked at X units in 2020, and then shrank dramatically in the following year.

In value terms, machine tool for metal imports dropped remarkably to $X in 2021. Over the period under review, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 255% against the previous year. Imports peaked at $X in 2020, and then dropped dramatically in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine tool for metal to Nigeria, with a 80% share of total imports. Moreover, machine tool for metal imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+76.1% per year) and Germany (+60.0% per year).

In value terms, China ($X) constituted the largest supplier of machine tools for working metal without removing metal to Nigeria, comprising 72% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+39.5% per year) and Germany (+55.0% per year).

Import Prices by Country

In 2021, the average machine tool for metal import price amounted to $X per unit, dropping by -35% against the previous year. Over the period under review, the import price saw a abrupt decrease. The growth pace was the most rapid in 2016 an increase of 173% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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