Metals consumption in Nigeria has shown significant fluctuation since 2013. Consumption exhibited a peak in 2017 with a substantial year-on-year increase of 51.04%, followed by a steady upward trend from 2018 onwards, leading to 1.81 units in 2023. This represents a moderate increase of 3.43% year-on-year from 2022, with a compound annual growth rate (CAGR) of 4.11% over the last five years. Future trends indicate a continued rise with forecasted consumption reaching 2.1 units by 2028, reflecting a projected 5-year CAGR of 2.35% and an estimated growth rate of 12.3% over the five-year period.
Future trends to watch for:
- Technological advancements in the metals industry.
- Government policies impacting the sector.
- Economic developments influencing industrial demand.
- Global market conditions affecting import/export dynamics.
