The import of synthetic rubber to Nigeria, expressed in million US dollars, has shown significant volatility from 2013 to 2023. From a peak in 2014 with a year-on-year increase of 15.48%, the imports experienced a substantial drop by 2023, with a year-on-year decrease of 10.39%. The last five years, leading up to and including 2023, exhibited an average annual decline (CAGR) of 8.84%. By 2023, the import value stood at 3.2487 million US dollars.
Future trends to watch:
- The forecast suggests a continuous decline in imports, with a five-year CAGR projected at -14.76% and an overall decrease of 55% by 2028.
- Factors influencing these trends may include advancements in local rubber production, changes in economic policies, or shifts in global synthetic rubber supply chains.
