Forecast: Import of Worked Monumental or Building Stone to Nigeria

The import of worked monumental or building stone to Nigeria was valued at 7.9306 million USD in 2024. The forecasted values indicate a steady decline with 6.1612 million USD in 2025, 4.4272 million USD in 2026, 2.7279 million USD in 2027, and dropping further to 1.0625 million USD in 2028. This trend shows a consistent year-on-year (YoY) decrease in import value. In 2023, the value stood significantly higher, indicating the start of this downward trajectory.

The sharp decline in imports is evident from the high YoY variation. Specifically, between 2024 and 2025, there is a drop of approximately 22% in value, followed by about 28% from 2025 to 2026, around 38% from 2026 to 2027, and finally, a significant drop of approximately 61% from 2027 to 2028. Over the five-year forecast period, the CAGR (Compound Annual Growth Rate) demonstrates an average annual decline of close to 38%.

Future trends to watch include potential shifts towards local sourcing or alternative materials as the market adapts to decreasing imports. Additionally, macroeconomic factors such as currency fluctuations, trade policies, and domestic construction trends could influence these import patterns. Monitoring technological advancements in construction techniques and the stone industry might also provide insights into future import demands.