Western Africa: Nitrogenous Fertilizer Market 2023

Nitrogenous Fertilizer Market Size in Western Africa

The West African nitrogenous fertilizer market was estimated at $X in 2022, increasing by 14% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Nitrogenous Fertilizer Production in Western Africa

In value terms, nitrogenous fertilizer production expanded significantly to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 42% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Nitrogenous Fertilizer Exports

Exports in Western Africa

In 2022, the amount of nitrogenous fertilizers (mineral or chemical) exported in Western Africa fell significantly to X tons, reducing by -19.2% against the previous year. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 243% against the previous year. As a result, the exports attained the peak of X tons, and then declined sharply in the following year.

In value terms, nitrogenous fertilizer exports soared to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 360%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

The biggest shipments were from Nigeria (X tons), together amounting to 97% of total export.

Nigeria was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) exports, with a CAGR of +28.8% from 2012 to 2022. While the share of Nigeria (+41 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest nitrogenous fertilizer supplier in Western Africa.

In Nigeria, nitrogenous fertilizer exports expanded at an average annual rate of +39.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, surging by 43% against the previous year. In general, the export price recorded perceptible growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 68% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +8.0% per year.

Nitrogenous Fertilizer Imports

Imports in Western Africa

In 2022, imports of nitrogenous fertilizers (mineral or chemical) in Western Africa contracted to X tons, with a decrease of -10.6% against 2021. In general, imports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, nitrogenous fertilizer imports reduced rapidly to $X in 2022. Over the period under review, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 39%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ghana (X tons) and Cote d'Ivoire (X tons) represented the largest importers of nitrogenous fertilizers (mineral or chemical) in Western Africa, together achieving 44% of total imports. Nigeria (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (10%), Mali (9.6%) and Benin (8.1%). Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Benin (with a CAGR of +5.1%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 57% share of total imports. Senegal, Benin, Mali and Burkina Faso lagged somewhat behind, together comprising a further 30%.

Benin, with a CAGR of +2.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, declining by -7.7% against the previous year. Overall, the import price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 26% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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