The import of air conditioners with refrigerating units to Nigeria is expected to grow steadily from 2024 onwards. In 2023, the actual import value was USD 9.352 million. Projected values from 2024 to 2028 show a consistent upward trend, with a year-on-year increase ranging from 2% to 2.2% annually. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is approximately 2.3%.
Future trends to watch for include:
- Potential shifts in government policies affecting import tariffs and regulations.
- Economic factors such as currency fluctuations and consumer purchasing power.
- Technological advancements in energy-efficient air conditioners driving demand.
- Climate and environmental conditions that could influence the necessity for air conditioning in residential and commercial spaces.