Report Update: May 1, 2024

Nigeria - Spades And Shovels - Market Analysis, Forecast, Size, Trends And Insights

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Spades and Shovels Price in Nigeria - 2022

Spades and Shovels Price in Nigeria (CIF) - 2022

The average spades and shovels import price stood at $1,185 per ton in June 2022, increasing by 151% against the previous month. Over the period under review, the import price continues to indicate a resilient expansion. Over the period under review, average import prices hit record highs at $1,530 per ton in December 2021; however, from January 2022 to June 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From June 2021 to June 2022, the rate of growth in terms of prices for China amounted to +6.8% per month.

Spades and Shovels Price in Nigeria (FOB) - 2022

In 2022, the average spades and shovels export price amounted to $2,758 per ton, growing by 11% against the previous year. In general, the export price, however, saw a perceptible downturn. The growth pace was the most rapid in 2019 an increase of 119%. Over the period under review, the average export prices hit record highs at $4,365 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Congo amounted to +177.0% per year.

Spades and Shovels Imports in Nigeria

Spades and shovels imports into Nigeria surged to 8.4K tons in 2022, increasing by 176% against the previous year's figure. In general, imports saw a significant increase. The growth pace was the most rapid in 2020 when imports increased by 233%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, spades and shovels imports soared to $6.7M in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 223% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Import of Spades and Shovels in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	1.1	3.6	2.2	6.6	81.7%
Others	0.1	0.1	N/A	0.1	0.0%
Total	1.1	3.7	2.2	6.7	82.6%

Top Suppliers of Spades and Shovels to Nigeria in 2022:

China (8.2K tons)

Spades and Shovels Exports in Nigeria

For the third year in a row, Nigeria recorded decline in overseas shipments of spades and shovels, which decreased by -15.8% to 372 kg in 2022. Over the period under review, exports saw a significant decrease. The smallest decline of -9.4% was in 2021.

In value terms, spades and shovels exports contracted to $1K in 2022. In general, exports recorded a precipitous curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 15% against the previous year.

Export of Spades and Shovels in Nigeria (USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Niger	2,290	597	32.0	1,026	-23.5%
Congo	N/A	323	960	N/A	197.2%
Benin	N/A	37.0	104	N/A	181.1%
Others	58.0	N/A	N/A	N/A	0%
Total	2,348	957	1,096	1,026	-24.1%

Top Export Markets for Spades and Shovels from Nigeria in 2022:

Niger (372.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the spades and shovels market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 25731010 - Spades and shovels

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023