In 2023, Nigeria's import of articles of cement, concrete, or artificial stone stood at a certain volume, providing a baseline for future forecasts. The forecast for the import values for the years 2024 to 2028 shows a consistent upward trend:
- 2024: 8.5219 million USD
- 2025: 8.8193 million USD
- 2026: 9.1108 million USD
- 2027: 9.3964 million USD
- 2028: 9.6764 million USD
The year-on-year growth rates are positive over the entire forecast period, indicating a steady increase in imports:
- 2024-2025: 3.49%
- 2025-2026: 3.31%
- 2026-2027: 3.14%
- 2027-2028: 2.98%
Over a five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is observed to be around 3.22%. This steady increase reflects a healthy demand growth in Nigeria for articles of cement, concrete, or artificial stone.
Future trends to watch for include potential economic shifts in Nigeria, changes in construction activities, infrastructure projects, and global cement and concrete price fluctuations. These factors could significantly impact import volumes and values in the coming years.
