From 2013 to 2018, the import value of parts of equipment for metallurgy and foundries in Nigeria showed a steady upward trend, increasing from $1.7268 million to $3.9099 million. The highest year-on-year variation was recorded in 2014 with 21.03%, while the lowest was in 2020 with a decline of -12.97%, reflecting some market volatilities.
In 2023, the import value stood at $4.6093 million, showing a modest 4% increase year-on-year. The compound annual growth rate (CAGR) over the past 5 years was 3.35%, indicating moderate overall growth.
Future forecasts suggest continued growth, with a projected value of $5.5358 million by 2028, and a forecasted 5-year CAGR of 2.88%. Key upcoming trends to watch include advancements in metallurgical technologies and increased domestic demand spurred by infrastructure development in Nigeria.
