Nigeria: Fertilizer Market 2024

Fertilizer Market Size in Nigeria

The Nigerien fertilizer market surged to $X in 2022, increasing by X% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Fertilizer Production in Nigeria

In value terms, fertilizer production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by X%. Fertilizer production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Fertilizer Exports

Exports from Nigeria

In 2022, shipments abroad of fertilizers increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, fertilizer exports surged to $X in 2022. In general, exports recorded significant growth. 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 in 2022 and are expected to retain growth in the near future.

Exports by Country

Brazil (X tons) was the main destination for fertilizer exports from Nigeria, with a X% share of total exports. Moreover, fertilizer exports to Brazil exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by India (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brazil stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and India (X% per year).

In value terms, Brazil ($X), the United States ($X) and India ($X) were the largest markets for fertilizer exported from Nigeria worldwide, with a combined X% share of total exports.

Among the main countries of destination, India, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average fertilizer export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price posted a notable increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Poland ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Fertilizer Imports

Imports into Nigeria

In 2022, purchases abroad of fertilizers decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, posted slight growth. The pace of growth was the most pronounced in 2020 when imports increased by X%. Imports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, fertilizer imports expanded notably to $X in 2022. Over the period under review, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Morocco (X tons) constituted the largest supplier of fertilizer to Nigeria, accounting for a X% share of total imports. Moreover, fertilizer imports from Morocco exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Ukraine (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Morocco totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Ukraine (X% per year).

In value terms, the largest fertilizer suppliers to Nigeria were Morocco ($X), Canada ($X) and China ($X), with a combined X% share of total imports.

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

Import Prices by Country

The average fertilizer import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fertilizer import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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