The import of Milk Powder to Nigeria is projected to decline from 37.556 million USD in 2024 to 16.051 million USD in 2028. This indicates a significant reduction over the coming years. In 2023, the actual import value stood at 43 million USD.
The year-on-year variations show:
- From 2023 to 2024: -12.7%
- From 2024 to 2025: -14.8%
- From 2025 to 2026: -16.9%
- From 2026 to 2027: -19.9%
- From 2027 to 2028: -24.5%
The Compound Annual Growth Rate (CAGR) over the five years from 2023 to 2028 is approximately -18%.
Future trends to watch for include potential shifts in domestic milk production, changes in consumer preferences towards locally produced dairy products, and the implementation of government policies aimed at reducing dependency on imported goods. Monitoring economic factors, such as currency fluctuations and import tariffs, will also be key to understanding future variations in milk powder imports.
