Based on the available data, Nigeria's industrial sand and gravel production has seen various fluctuations from 2013 to 2023 in volume. It maintained a steady output of 30.0 Thousand Metric Tons from 2013 to 2015, followed by mild increments up to 2019. A significant drop occurred in 2020, with production reaching 25.76 Thousand Metric Tons. Nevertheless, a recovery trend is observed in the subsequent years, with production standing at 31.55 Thousand Metric Tons in 2023.
Analyzing the year-on-year variations, the production saw a dramatic decrease of -16.52% in 2020, followed by a positive rebound of 15.1% in 2021 and subsequent positive but smaller increments in 2022 and 2023 with 5.84% and 0.54% respectively. Over the last five years, the compounded annual growth rate (CAGR) stood at 0.56%.
Looking ahead to the forecast period from 2024 to 2028, a moderate growth rate is predicted with a 5-year CAGR of 0.45% and an overall forecasted growth rate of 2.25%. This suggests a continued gradual upward trajectory in production volume. Future trends to watch for include potential market disruptions, policy changes impacting material extraction, and technological advancements in the sand and gravel industry which could affect production efficiency and output levels.
