The import of rollers, soil preparation, and cultivation machinery to Nigeria stood at 270.37 thousand kilograms in 2023, marking a decline from previous years. The year-on-year variation for 2023 was -12.56% compared to 2022. The compound annual growth rate (CAGR) over the last five years was -13.33%. This series has shown significant volatility with notable drops in 2017 and 2020, as well as occasional spikes like in 2016 and 2018.
Looking ahead, forecasts indicate a continual decline in imports, with a projected volume of 67.45 thousand kilograms by 2028. The forecasted 5-year CAGR is -21.6%, indicating a sharp downward trend. Factors like economic conditions, domestic production capabilities, and import policies will crucially shape future import volumes. Trends to watch include advancements in local manufacturing, government agriculture initiatives, and global market dynamics affecting import costs and demand.
