Key Market Indicators
Nigerian imports of electrical equipment are projected to decline to approximately $1.47 billion by 2028, down from around $1.88 billion in 2023. This represents an average annual decrease of 3.9%. The demand for electrical equipment in Nigeria has been on a downward trend since 2001, falling by an average of 5.1% each year. In terms of exports, Nigeria saw a significant drop in 2018, with electrical equipment exports totaling about $2.36 million, a sharp decline from nearly $4.82 million in 2017. This marks a decrease of 50.9% year over year. Since 2001, the country's supply of electrical equipment has decreased by nearly 49.5% annually, reflecting a long-term downward trajectory in this sector.
