The import of precious metal colloids, compounds, and amalgams to Nigeria has experienced significant fluctuations over the past decade. From a high in 2013, there was a sharp decrease by 2016, followed by a recovery and subsequent growth, peaking again in 2018. The trend has been somewhat volatile, but there has been a steady increase from 2020 onwards. As of 2023, the value stood at 25.05 thousand US dollars, reflecting a 4.71% year-on-year increase.
Key trends over various periods:
- 2013-2014: Sharp drop with a 23.08% decline in 2014.
- 2016-2018: Significant recovery with a 630.36% increase in 2018.
- 2019-2021: After a slight decline, steady growth with a notable 33.37% increase in 2021.
- 2022-2023: Modest increase with 0.046% in 2022 and 4.71% in 2023.
The compound annual growth rate (CAGR) over the past five years has been relatively stable, with a slight decline but generally upward trend. Looking ahead, the forecasted import values indicate a CAGR of 3.29% leading to the year 2028, suggesting continuous growth albeit at a tempered pace.
Future trends to monitor include:
- Global metal prices: Fluctuations in precious metal prices on the global market could impact import costs and volumes.
- Nigerian industrial demand: Growth in sectors like technology and manufacturing that use precious metals could drive increased imports.
- Government policies: Potential changes in trade policies or import tariffs that may affect cost and availability.
