Nigeria: Safes And Strongboxes Market 2024

Safes And Strongboxes Market Size in Nigeria

In 2022, the Nigerien safes and strongboxes market decreased by X% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption faced a deep reduction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Safes And Strongboxes Exports

Exports from Nigeria

In 2022, overseas shipments of safes, strongboxes and doors of base metal decreased by X% to X tons, falling for the third consecutive year after four years of growth. In general, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, safes and strongboxes exports declined notably to $X in 2022. Over the period under review, exports, however, posted a strong increase. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Slovenia (X tons) was the main destination for safes and strongboxes exports from Nigeria, accounting for a X% share of total exports. Moreover, safes and strongboxes exports to Slovenia exceeded the volume sent to the second major destination, Niger (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Slovenia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (X% per year) and Benin (X% per year).

In value terms, Slovenia ($X) emerged as the key foreign market for safes, strongboxes and doors of base metal exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Benin ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Slovenia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Niger (X% per year).

Export Prices by Country

In 2022, the average safes and strongboxes export price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price, however, continues to indicate a notable expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Niger ($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 Ghana (X%), while the prices for the other major destinations experienced a decline.

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Safes And Strongboxes Imports

Imports into Nigeria

In 2022, purchases abroad of safes, strongboxes and doors of base metal decreased by X% to X tons, falling for the second year in a row after three years of growth. Overall, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, safes and strongboxes imports expanded significantly to $X in 2022. In general, imports recorded a abrupt setback. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) was the main safes and strongboxes supplier to Nigeria, with a X% share of total imports. Moreover, safes and strongboxes imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, South Korea ($X) constituted the largest supplier of safes, strongboxes and doors of base metal to Nigeria, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

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

Import Prices by Country

In 2022, the average safes and strongboxes import price amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price, however, recorded a deep reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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