Key Market Indicators
Nigeria's import of metal products is projected to decline significantly, dropping to approximately $9.3 million by 2028 from the current $39.2 million in 2023. This marks an average annual decrease of 22.3%. The demand for metal products in Nigeria has been consistently falling, with a year-on-year decline of 10.4% since 2001. Conversely, Nigeria's metal products export saw a dramatic increase in recent years. In 2018, exports surged to $107,000 from a mere $149 in 2017, representing a staggering 72,000% rise. However, this spike in exports comes against a backdrop of a longer-term decline, with the country's metal product supply decreasing by an average of 7.8% annually since 2001.
