The forecast for the import of acrylic and vinyl polymer-based paint and varnish to Nigeria shows a consistent declining trend from 2024 to 2028. In 2023, the actual imports stood at an estimated 4.15 million US dollars. The year-on-year variations indicate a decrease of approximately 1.7% from 2024 to 2025, followed by a further reduction of 1.73% from 2025 to 2026. This negative trend continues, with a drop of 1.72% from 2026 to 2027 and 1.73% from 2027 to 2028. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately -1.75%, indicating a gradual but steady decline in imports.
Future trends to watch for include potential shifts in local production capacities, changes in economic policies impacting import tariffs, and fluctuations in global raw material prices. Additionally, the increasing focus on sustainability might drive demand for more eco-friendly paint and varnish products, potentially affecting import volumes.
