Plugs and Socket Price in Nigeria - 2023
Contents:
Plugs and Socket Price in Nigeria (CIF) - 2022
The average plugs and socket import price stood at $33 per thousand units in 2022, with a decrease of -47.1% against the previous year. Over the period under review, the import price, however, posted a moderate increase. The pace of growth was the most pronounced in 2015 when the average import price increased by 226% against the previous year. The import price peaked at $99 per thousand units in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($239 per thousand units), while the price for China ($14 per thousand units) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.
Plugs and Socket Imports in Nigeria
Plugs and socket imports into Nigeria skyrocketed to 77M units in 2022, growing by 153% against the previous year. Overall, imports continue to indicate a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, plugs and socket imports surged to $2.5M in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 59% against the previous year. As a result, imports attained the peak of $4.1M. From 2021 to 2022, the growth of imports remained at a lower figure.
Import of Plugs and Socket in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 418 | 837 | 285 | 894 | 28.8% |
Germany | 188 | 164 | 277 | 213 | 4.2% |
United Kingdom | 285 | 612 | 114 | 202 | -10.8% |
Netherlands | 59.4 | 182 | 38.9 | 161 | 39.4% |
Vietnam | N/A | 218 | 255 | 143 | -19.0% |
France | 207 | 819 | 293 | 142 | -11.8% |
India | 70.5 | 21.1 | 86.4 | 73.3 | 1.3% |
Singapore | 361 | 140 | 14.4 | 44.7 | -50.2% |
Others | 1,001 | 1,117 | 514 | 646 | -13.6% |
Total | 2,590 | 4,110 | 1,878 | 2,518 | -0.9% |
Top Suppliers of Plugs and Socket to Nigeria in 2022:
- China (65.9M units)
- India (2.2M units)
- Germany (1.7M units)
- Vietnam (1.6M units)
- Netherlands (1.2M units)
- United Kingdom (0.8M units)
- France (0.6M units)
- Singapore (0.3M units)
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