The import of inorganic chemicals, precious metal compounds, and isotopes to Nigeria has shown variability over the past decade. In 2023, imports stood at $353.6 million. Significant fluctuations occurred between 2013 and 2023, with notable growth in years like 2017 (11.02%) and 2021 (28%) and substantial declines in 2020 (-15.99%). The compound annual growth rate (CAGR) over the past five years has averaged at 0.69%.
From 2024 onwards, the forecasts indicate a steady but modest increase, with year-on-year growth rates of around 1.11% to 0.87% and an overall five-year forecasted CAGR of 0.87% by 2028. The forecasted growth rate stands at 4.4% over this period.
Future trends to watch include:
- Geopolitical factors impacting trade policies and regulations
- Fluctuations in global commodity prices that may affect import costs
- Advancements in local production that could reduce dependency on imports
