Nigeria: Container Market 2024

Container Market Size in Nigeria

The Nigerien container market shrank slightly to $X in 2022, waning by X% against the previous year. In general, consumption, however, posted a strong increase. Container consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Container Production in Nigeria

In value terms, container production declined modestly to $X in 2022 estimated in export price. In general, production, however, showed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Container production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Container Exports

Exports from Nigeria

In 2022, the amount of tanks, casks, drums, cans, boxes and similar containers exported from Nigeria skyrocketed to X units, picking up by X% on the year before. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, container exports skyrocketed to $X in 2022. In general, exports enjoyed a significant increase. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Togo (X units) was the main destination for container exports from Nigeria, accounting for a X% share of total exports. Moreover, container exports to Togo exceeded the volume sent to the second major destination, Benin (X units), eightfold. Saudi Arabia (X units) ranked third in terms of total exports with a X% share.

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

In value terms, Togo ($X) remains the key foreign market for tanks, casks, drums, cans, boxes and similar containers exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Benin ($X), with an X% share of total exports. It was followed by South Africa, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Togo totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and South Africa (X% per year).

Export Prices by Country

The average container export price stood at $X per unit in 2022, falling by X% against the previous year. In general, the export price, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Ghana (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Container Imports

Imports into Nigeria

In 2022, the amount of tanks, casks, drums, cans, boxes and similar containers imported into Nigeria expanded significantly to X units, increasing by X% on the year before. Over the period under review, imports, however, continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, container imports skyrocketed to $X in 2022. Overall, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest container supplier to Nigeria, with a X% share of total imports. Moreover, container imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold. Turkey (X units) ranked third in terms of total imports with a X% share.

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

In value terms, China ($X) constituted the largest supplier of tanks, casks, drums, cans, boxes and similar containers to Nigeria, comprising X% of total imports. The second position in the ranking was taken by India ($X), with an X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the average container import price amounted to $X per unit, picking up by X% against the previous year. In general, the import price, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for the Netherlands (less than $X per unit) 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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