Nigeria: Salt Market 2022

Salt Market Size in Nigeria

In 2021, the Nigerien salt market decreased by -X% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020, and then fell significantly in the following year.

Salt Exports

Exports from Nigeria

In 2021, approx. X tonnes of salt and pure sodium chloride were exported from Nigeria; shrinking by -X% on the previous year's figure. In general, exports saw a abrupt decrease. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tonnes in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, salt exports dropped markedly to $X in 2021. Over the period under review, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tonnes) was the main destination for salt exports from Nigeria, with a X% share of total exports. Moreover, salt exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Niger (X tonnes), threefold.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-X% per year) and Togo (-X% per year).

In value terms, Cote d'Ivoire ($X), Niger ($X) and Togo ($X) constituted the largest markets for salt exported from Nigeria worldwide, together accounting for X% of total exports.

Among the main countries of destination, Cote d'Ivoire, with a CAGR of +X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average salt export price amounted to $X per tonne, with an increase of X% against the previous year. Over the period under review, the export price, however, recorded a slight decline. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The export price peaked at $X per tonne in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Niger ($X per tonne), while the average price for exports to Togo ($X per tonne) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+X%), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in purchases abroad of salt and pure sodium chloride, when their volume decreased by -X% to X tonnes. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tonnes, and then fell remarkably in the following year.

In value terms, salt imports reduced remarkably to $X in 2021. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2020, and then shrank remarkably in the following year.

Imports by Country

In 2021, Brazil (X tonnes) constituted the largest salt supplier to Nigeria, accounting for a X% share of total imports. Moreover, salt imports from Brazil exceeded the figures recorded by the second-largest supplier, Namibia (X tonnes), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil totaled +X%.

In value terms, Brazil ($X) constituted the largest supplier of salt to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by Namibia ($X), with a X% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Brazil totaled +X%.

Import Prices by Country

In 2021, the average salt import price amounted to $X per tonne, waning by -X% against the previous year. Over the period under review, the import price recorded a perceptible decrease. The most prominent rate of growth was recorded in 2015 an increase of X%. The import price peaked at $X per tonne in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Namibia ($X per tonne), while the price for Brazil totaled $X per tonne.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Namibia (+X%).

Source: IndexBox Platform