In 2023, the import value of asbestos-cement and cellulose fibre-cement to Nigeria stood at 2.6778 million US dollars. The data from 2013 to 2023 indicates significant fluctuations in the year-on-year variation with peaks in 2013 and 2014 and subsequent periods of stabilizing and declining growth rates. The import value saw a considerable dip in 2018, marking a 10.33% decrease, and again in 2020 with a decrease of 13.01%, before resuming positive growth in the following years. The Compound Annual Growth Rate (CAGR) over the last five years was 5.67%.
Looking forward, the forecasted data suggests a steady upward trend, with a projected CAGR of 2.87% over the next five years and a forecasted total growth rate of 15.21%. By 2028, the import value is expected to reach 3.2042 million US dollars, indicating a consistent increase in import demand.
Future trends to watch for:
- Potential regulatory changes affecting asbestos-cement imports.
- Impact of global supply chain disruptions on import patterns.
- Economic developments within Nigeria influencing construction material demand.
- Substitution effects due to advancements in alternative construction materials.
