The forecasted import of Propylene Glycol to Nigeria shows a steady decline from 2024 to 2028, starting at 2.8787 million USD in 2024 and decreasing each year to 2.6388 million USD by 2028. In 2023, the actual import value stood at 2.9413 million USD, marking a declining trend. The year-on-year variation from 2023 to 2024 exhibits a decrease of approximately 2.12%. The subsequent years witness a consistent annual reduction of about 2% to 2.18%. The calculated CAGR over the forecasted period (2024-2028) suggests an average yearly decline of roughly 2.17%.
Future trends to watch for include:
- Economic policies and trade regulations that could impact the cost and ease of importation.
- Variations in global Propylene Glycol prices and supply chain stability.
- Domestic production capabilities which could alter the dependence on imports.