Based on the provided data, Nigeria's import of petroleum-based lubricating oil shows a clear downward trend from 2024 to 2028. The forecasted decline in the value of imports begins in 2024 at $1.7474 million and consistently decreases to $1.1197 million by 2028. Compared to 2023, the year-on-year variations indicate a steady contraction in import values.
For the year 2024, the import value starts at $1.7474 million. The subsequent years see reductions of approximately 9.26% in 2025, 10.01% in 2026, 10.89% in 2027, and 11.97% in 2028. Overall, the Compound Annual Growth Rate (CAGR) over these 5 years indicates an average annual decrease in import values by around 8.02%.
Future trends to watch for include potential impacts of local industrialization, changes in global oil prices, advancements in alternative lubricants, and shifts in governmental import policies. These factors may further influence the demand and import value of petroleum-based lubricating oils in Nigeria.
