Between 2013 and 2023, the import of mineral fuels, oils, and distillation products to Nigeria demonstrated significant fluctuation. In 2023, the value of imports stood at 15.412 billion USD. The data reflect a peak in 2018 at 12.78 billion USD, followed by a decline in 2019 and 2020. From 2021 onward, a consistent upward trajectory emerged, culminating in an increase of 4.6% year-on-year in 2023. Notably, the compounded annual growth rate (CAGR) for the past five years ending in 2023 was 3.82%.
Forecasts indicate a continued growth trend, reaching 18.95 billion USD by 2028. The projected 5-year CAGR from 2023 to 2028 is 3.24%, with a 17.3% total growth rate anticipated over this period.
Future trends to watch for:
- Global oil price fluctuations impacting import costs.
- Changes in Nigerian energy policies or infrastructure developments.
- Global economic conditions affecting demand and supply chains.
