The import of asbestos friction materials and articles to Nigeria has exhibited a fluctuating but overall declining trend from 2013 to 2023. In 2013, imports stood at 4.5279 million US Dollars, peaking in 2014 at 8.8613 million US Dollars with a significant year-on-year increase of 95.7%. Since then, imports have generally decreased, with minor fluctuations, down to 2.0368 million US Dollars in 2023, reflecting an overall downward trend.
Analyzing recent trends, the year-on-year variation from 2021 to 2022 was a decline of 9.72%, and from 2022 to 2023, the decline continued at 10.55%. The compounded annual growth rate (CAGR) over the last five years stands at -7.85%, indicating a consistent decrease in import value.
Looking ahead, forecast data suggests a continued downward trend. By 2028, the import value is projected to fall to 0.78153 million US Dollars, with a forecast 5-year CAGR of -15.11% and an overall forecast growth rate of -55.92% from 2023.
Future trends to watch for include:- Legislative changes regarding asbestos use- Advancements in alternative materials- Economic fluctuations impacting import capacity
