Pharmaceutical Goods Price in Nigeria - 2022
Contents:
- Pharmaceutical Goods Price in Nigeria (CIF) - 2022
- Pharmaceutical Goods Price in Nigeria (FOB) - 2022
- Pharmaceutical Goods Imports in Nigeria
- Pharmaceutical Goods Exports in Nigeria
Pharmaceutical Goods Price in Nigeria (CIF) - 2022
The average pharmaceutical goods import price stood at $3,625 per ton in June 2022, reducing by -17.9% against the previous month. Overall, the import price recorded a deep reduction. The pace of growth was the most pronounced in November 2021 when the average import price increased by 298% against the previous month. The import price peaked at $45,388 per ton in September 2021; however, from October 2021 to June 2022, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Indonesia ($12,275 per ton), while the price for South Korea ($1,763 per ton) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.6%), while the prices for the other major suppliers experienced a decline.
Pharmaceutical Goods Price in Nigeria (FOB) - 2022
The average pharmaceutical goods export price stood at $40,839 per ton in 2022, approximately reflecting the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 4,022%. Over the period under review, the average export prices reached the maximum at $42,196 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
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 the Netherlands ($61,248 per ton), while the average price for exports to Ghana ($14,086 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 UK (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.
Pharmaceutical Goods Imports in Nigeria
In 2022, overseas purchases of pharmaceutical goodses decreased by -50.5% to 750 tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a precipitous slump. The most prominent rate of growth was recorded in 2020 with an increase of 113%. As a result, imports attained the peak of 3.3K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, pharmaceutical goods imports surged to $33M in 2022. Over the period under review, imports, however, showed a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by 158%. As a result, imports reached the peak of $53M. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Pharmaceutical Goods in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 4.2 | 6.0 | 1.8 | 6.1 | 13.2% |
| Netherlands | 0.5 | 2.0 | 5.1 | 6.0 | 128.9% |
| Belgium | 2.3 | 3.3 | 1.0 | 4.7 | 26.9% |
| Finland | N/A | 3.2 | 3.8 | 4.4 | 17.3% |
| Indonesia | 0.4 | 5.4 | 2.6 | 3.1 | 97.9% |
| Hungary | 1.3 | 1.4 | 0.8 | 1.8 | 11.5% |
| Germany | 1.9 | 6.2 | 0.2 | 1.3 | -11.9% |
| United States | 4.2 | 4.3 | 1.7 | 1.0 | -38.0% |
| China | 3.6 | 15.6 | 7.0 | 0.8 | -39.4% |
| United Kingdom | 0.4 | 0.6 | 0.2 | 0.3 | -9.1% |
| Thailand | 0.1 | N/A | 0.2 | 0.3 | 44.2% |
| South Korea | 0.5 | 0.2 | 0.1 | 0.1 | -41.5% |
| Others | 1.1 | 4.6 | 2.2 | 3.1 | 41.3% |
| Total | 20.4 | 52.7 | 26.5 | 32.9 | 17.3% |
Top Suppliers of Pharmaceutical Goods to Nigeria in 2022:
- Indonesia (148.1 tons)
- Finland (132.4 tons)
- India (104.5 tons)
- China (104.1 tons)
- Germany (44.0 tons)
- Netherlands (32.8 tons)
- South Korea (28.3 tons)
- Thailand (26.0 tons)
- Belgium (19.2 tons)
- United Kingdom (16.2 tons)
- Hungary (16.1 tons)
- United States (14.0 tons)
Pharmaceutical Goods Exports in Nigeria
In 2022, approx. 14 tons of pharmaceutical goodses were exported from Nigeria; waning by -49.4% on the year before. In general, exports showed a sharp curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 8,134% against the previous year.
In value terms, pharmaceutical goods exports declined dramatically to $568K in 2022. Over the period under review, exports saw a dramatic decline. The pace of growth appeared the most rapid in 2021 with an increase of 8,754%.
| Export of Pharmaceutical Goods in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Belgium | 792 | 3.2 | 366 | 214 | -35.4% |
| France | 228 | 1.5 | 251 | 142 | -14.6% |
| Netherlands | 2,849 | 7.0 | 258 | 130 | -64.3% |
| Taiwan (Chinese) | 187 | 0.7 | 64.2 | 48.0 | -36.4% |
| Ghana | 33.5 | 0.2 | 24.2 | 17.6 | -19.3% |
| United Kingdom | 20.4 | 0.1 | 14.7 | 10.7 | -19.4% |
| Russia | 94.2 | N/A | N/A | N/A | 0% |
| United States | 334 | N/A | N/A | N/A | 0% |
| Others | 214 | 0.1 | 146 | 6.8 | -68.3% |
| Total | 4,751 | 12.7 | 1,124 | 568 | -50.7% |
Top Export Markets for Pharmaceutical Goods from Nigeria in 2022:
- Belgium (6.4 tons)
- France (2.4 tons)
- Netherlands (2.1 tons)
- Ghana (1.3 tons)
- Taiwan (Chinese) (1.2 tons)
- United Kingdom (0.3 tons)
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