As of 2023, Nigeria's import of petroleum coke and petroleum bitumen stood at 122.40 million US dollars. Moving into the forecasted data from 2024 to 2028, there is a consistent decrease in the imported value. In 2024, the import value is expected to be 120.09 million US dollars, which represents a year-on-year decrease of approximately 1.89% from the previous year. Over the following years, the values continue to decline: 117.84 million US dollars in 2025 (a 1.87% reduction), 115.64 million US dollars in 2026 (a 1.87% reduction), 113.48 million US dollars in 2027 (a 1.87% reduction), and 111.36 million US dollars in 2028 (a 1.87% reduction).
The cumulative annual growth rate (CAGR) over the next five years from 2024 to 2028 indicates an average annual decline of around 1.88%. This downward trend suggests that there will be a continued decrease in demand or possible shifts towards alternative energy sources or local production improvements.
Future trends to watch for include potential policy changes in Nigeria's energy sector, advancements in local refining capacity, and global market fluctuations in petroleum product prices. Additionally, the impact of renewable energy adoption and technological advancements in energy efficiency might play significant roles in shaping import demands.
