The production of plywood in Nigeria has remained relatively stable from 2013 to 2022, with the annual output consistently at 56 thousand cubic meters. However, in 2023 there was a slight decrease to 55.9 thousand cubic meters. This marks a small year-on-year decline of -0.18% in 2023. The forecasted data from 2024 to 2028 suggests a gradual decrease in production, leading to an estimated 55.47 thousand cubic meters by 2028. The compound annual growth rate (CAGR) over the last five years was -0.036%, indicating a marginal downward trend.
Future trends to watch for include:
• Technological advancements and innovations in plywood production.
• Changes in regulatory policies affecting the forestry and timber industries.
• Economic conditions influencing construction activities in Nigeria.
• Potential impacts of global trade dynamics on the import and export of timber products.
• Environmental concerns and sustainable forestry practices impacting industry operations.
