The import of air conditioners with reverse cycle refrigeration to Nigeria has shown significant fluctuations over the past years. In 2023, the imports stood at 6.5253 million US dollars. Historical data from 2013 to 2023 reveals notable variations in year-on-year growth, with a substantial increase of 72.95% in 2017 and a decline of 11.85% in 2020. Over the last five years, the compound annual growth rate (CAGR) was 3.58%, suggesting modest growth during this period. Future forecasts from 2024 to 2028 project a 5-year CAGR of 3.46%, indicating a steady but moderate increase in imports.
Future trends to watch for:
- Economic stability in Nigeria influencing consumer purchasing power and market demand.
- Technological advancements in air conditioning impacting product preferences.
- Government policies and tariffs affecting import dynamics.
- Climate change and its impact on the demand for cooling solutions.