Key Market Indicators
Nigeria's plastic imports are projected to decline to $1.42 billion by 2028, down from $1.51 billion in 2023. This represents an average annual decrease of 1%. The nation's demand for plastics has been on a downward trajectory since 2001, recording an average yearly decline of 1.5%. On the export front, Nigeria's figures are also set to drop significantly. By 2028, plastic exports are expected to reach approximately $33.7 million, a sharp fall from the $56.5 million forecasted for 2023. This decline translates to an annual compound growth rate (CAGR) of -8.1%. The country's plastic supply has been dwindling since 2001, with an annual decrease of 7.7%. These trends indicate a consistent reduction in both the import and export of plastics in Nigeria over the coming years.
