Forecast: Distilled Alcoholic Beverages Import Volume in Nigeria

The import volume of distilled alcoholic beverages in Nigeria has shown significant fluctuations over the past decade. In 2023, the volume stood at 18.0 thousand metric tons. Up until 2023, there was a noticeable decline from the 31.0 thousand metric tons recorded in 2014, marked by a substantial year-on-year drop of 25.81% in 2015. Subsequent years saw varied trends: a recovery in 2017 and 2018, a notable decline in 2019 and 2020, followed by slight recovery in 2021, which led to a flat performance in 2023.

From 2024 onwards, a downward trend is projected with the import volume expected to decrease to 14.48 thousand metric tons by 2028, indicating a 5-year compound annual growth rate (CAGR) of -3.28% and an overall reduction of 15.37% over the period.

Future trends to watch for:

• Policy changes regarding import tariffs and trade agreements.
• Fluctuations in Nigeria's economic conditions and currency valuation impacting import affordability.
• Shifts in consumer preferences towards locally produced alcoholic beverages.
• Impact of regulatory measures on alcohol consumption and importation.