Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria - 2022

Contents:

1. Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria (CIF) - 2022
2. Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria (FOB) - 2022
3. Imports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria
4. Exports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria

Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria (CIF) - 2022

The average import price for cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) stood at $2,297 per ton in 2022, with an increase of 114% against the previous year. Overall, the import price showed a prominent increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($2,554 per ton), while the price for India totaled $921 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria (FOB) - 2022

The average export price for cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) stood at $1,392 per ton in 2022, increasing by 17% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) increased by +31.9% against 2019 indices. The pace of growth appeared the most rapid in 2013 an increase of 57% against the previous year. The export price peaked at $1,997 per ton 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($2,467 per ton), while the average price for exports to Benin ($119 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 Niger (+33.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria

In 2022, after three years of growth, there was significant decline in overseas purchases of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn), when their volume decreased by -71.5% to 749 tons. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 797% against the previous year.

In value terms, imports of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) contracted rapidly to $1.7M in 2022. Overall, imports, however, showed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 1,533%.

Top Suppliers of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) to Nigeria in 2022:

1. China (631.5 tons)
2. India (117.6 tons)

Exports of Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) in Nigeria

In 2022, exports of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) from Nigeria reached 2.4 tons, approximately equating the previous year. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 102% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of cereal grains; worked (eg hulled, pearled, sliced or kibbled) of maize (corn) skyrocketed to $3.4K in 2022. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 121%. Over the period under review, the exports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Top Export Markets for Cereal Grains; Worked (Eg Hulled, Pearled, Sliced or Kibbled) of Maize (Corn) from Nigeria in 2022:

1. United Kingdom (741.0 kg)
2. Canada (505.0 kg)
3. United States (482.0 kg)
4. Benin (193.0 kg)
5. Ghana (127.0 kg)
6. Niger (109.0 kg)
7. France (87.0 kg)

Source: IndexBox Market Intelligence Platform