Nigeria: Wire And Cable Market 2024

Wire And Cable Market Size in Nigeria

The Nigerien wire and cable market dropped rapidly to $X in 2022, with a decrease of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Wire and cable consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Wire And Cable Exports

Exports from Nigeria

In 2022, exports of insulated wire and cable from Nigeria skyrocketed to X tons, with an increase of X% compared with 2021. In general, exports, however, showed a deep setback. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, wire and cable exports skyrocketed to $X in 2022. Over the period under review, exports, however, faced a deep contraction. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for wire and cable exports from Nigeria, accounting for a X% share of total exports. Moreover, wire and cable exports to Benin exceeded the volume sent to the second major destination, Angola (X tons), threefold. Niger (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (X% per year) and Niger (X% per year).

In value terms, Benin ($X) remains the key foreign market for insulated wire and cable exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Angola ($X), with an X% share of total exports. It was followed by the Netherlands, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Benin stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (X% per year) and the Netherlands (X% per year).

Export Prices by Country

In 2022, the average wire and cable export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price recorded a drastic downturn. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. 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 Germany ($X per ton), while the average price for exports to Togo ($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 Rwanda (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wire And Cable Imports

Imports into Nigeria

In 2022, wire and cable imports into Nigeria contracted notably to X tons, shrinking by X% compared with 2021. Overall, imports recorded a noticeable reduction. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, wire and cable imports shrank remarkably to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by X%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Turkey (X tons) were the main suppliers of wire and cable imports to Nigeria, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest wire and cable suppliers to Nigeria were India ($X), China ($X) and Turkey ($X), together comprising X% of total imports.

In terms of the main suppliers, India, 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 wire and cable import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, import price indicated a perceptible expansion 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, wire and cable import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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