The import of woven fabric of glass fibres to Nigeria is forecasted to decrease steadily from 2024 to 2028. In 2024, the value is $252.82 thousand, decreasing to $237.16 thousand in 2025, then to $221.83 thousand in 2026. The trend continues downward to $206.79 thousand in 2027 and finally to $192.06 thousand in 2028. When looking at the annual percentage variation, the reduction from 2024 to 2025 is approximately 6.21%, from 2025 to 2026 is 6.46%, from 2026 to 2027 is 6.77%, and from 2027 to 2028 is around 7.13%. The Compound Annual Growth Rate (CAGR) over the five-year period shows a consistent average decline of about 6.64% per year.
In 2023, the import value stood at $268.75 thousand, indicating that this downward trend began after 2023.
Future Trends to Watch For:
- Potential rise in domestic production of glass fibre fabric in Nigeria, reducing the need for imports.
- Changes in trade policies or tariffs that could impact import costs and volumes.
- Technological advancements in glass fibre production and import dynamics.
- Economic factors such as currency fluctuations and overall economic growth affecting import capacities.
