The import of undenatured ethyl alcohol to Nigeria has shown significant volatility and growth over the years. From 2013 to 2023, the volume increased from 13.256 million kilograms to 75.759 million kilograms, representing notable fluctuations and overall growth. Noteworthy periods include a considerable jump in 2016 and steady growth from 2018 to 2022 despite an 11.97% decline in 2020. The most recent year-on-year increases were 5.19% for 2022 and 4.84% for 2023. Over the last five years, the CAGR stood at 4.79%. Future forecasts predict a continuous but moderate growth trend with a 5-year CAGR of 3.39% and a projected growth rate of 18.13% by 2028.
Future trends to watch for include potential regulatory changes affecting import policies, advancements in local ethanol production capabilities, and external market factors such as global supply chain disruptions or shifts in demand for ethanol in various industries. These could impact the import dynamics significantly.