The consumption of non-metallic minerals in Nigeria has demonstrated a consistent upward trajectory. In 2023, the actual consumption stood at 25.15 units. Forecasted data indicates a steady increase from 25.46 units in 2024 to 26.68 units in 2028. The year-on-year percentage variations from 2024 to 2028 are as follows: 1.22% (2024 to 2025), 1.20% (2025 to 2026), 1.15% (2026 to 2027), and 1.14% (2027 to 2028). The compound annual growth rate (CAGR) over the last five years stands at approximately 1.2%.
Future trends to watch for include:
- Economic growth and industrialization rates in Nigeria, which could boost demand for non-metallic minerals.
- Investments in infrastructure projects driven by governmental and private sector initiatives.
- Technological advancements and innovations in construction needing higher consumption of non-metallic minerals.