Nigeria: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Nigeria

The Nigerien market for processed petroleum oils and distillates amounted to $X in 2022, picking up by X% against the previous year. Over the period under review, consumption continues to indicate measured growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Nigeria

In value terms, processed petroleum oils and distillates production contracted slightly to $X in 2022 estimated in export price. In general, production continues to indicate a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of X%. Processed petroleum oils and distillates production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

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Exports of Processed Petroleum Oils and Distillates

Exports from Nigeria

Processed petroleum oils and distillates exports from Nigeria fell modestly to X tons in 2022, waning by X% compared with the previous year's figure. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2020 when exports increased by X%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports reduced sharply to $X in 2022. In general, exports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons), the United States (X tons) and Belgium (X tons) were the main destinations of processed petroleum oils and distillates exports from Nigeria, together comprising X% of total exports. Benin, Brazil and Singapore lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Nigeria were the UK ($X), the United States ($X) and Belgium ($X), together comprising X% of total exports. Benin, Brazil and Singapore lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Singapore, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, which is down by X% against the previous year. Overall, the export price saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

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

Imports of Processed Petroleum Oils and Distillates

Imports into Nigeria

For the fifth consecutive year, Nigeria recorded growth in supplies from abroad of processed petroleum oils and distillates, which increased by X% to X tons in 2022. In general, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports rose notably to $X in 2022. Overall, imports saw a tangible increase. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Belgium (X tons), the Netherlands (X tons) and India (X tons) were the main suppliers of processed petroleum oils and distillates imports to Nigeria, with a combined X% share of total imports. Norway, the UK, the United States, the United Arab Emirates, France and Cote d'Ivoire lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), the Netherlands ($X) and India ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Nigeria, together accounting for X% of total imports. Norway, the UK, the United States, the United Arab Emirates, France and Cote d'Ivoire lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Norway, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, falling by X% against the previous year. Overall, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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