Forecast: Agricultural Raw Materials Imports in Nigeria

The import of agricultural raw materials in Nigeria has shown substantial volatility over the past decade. Peaking in 2013 with a dramatic increase of 270.29%, imports plummeted by 75.88% in the following year (2014). A series of modest increases and decreases followed, with the year-on-year variation hovering between -24.68% and 13.86% until 2023. The most notable jump was in 2023, with a significant rise of 137.29%, amounting to 1.18 units of goods exports. This change elevated the five-year CAGR to 8.28%.

Over the forecast period from 2024 to 2028, imports are expected to stabilize at 1.18 units, with minimal annual fluctuation, resulting in a forecasted five-year CAGR close to 0.02%. This suggests a period of relative stability in agricultural raw material imports.

Future trends to watch for:

• Potential impacts of governmental policies on agricultural imports.
• Global economic conditions affecting trade and supply chain dynamics.
• Technological advancements in local agriculture reducing dependency on imports.