The import of parts of agricultural machinery to Nigeria stood at 306.77 thousand kilograms in 2023, reflecting a declining trend. The year-on-year variation for 2023 showed a decrease of 6.4%. Looking back, the trend has been uneven with significant fluctuations: a sharp drop from 2013 to 2014, a substantial increase by 2017 followed by a continuous decline from 2018 onwards. The last five years show an average annual decrease (CAGR) of approximately 9.4%. The forecast suggests this downward trend will persist, predicting a 30.47% reduction by 2028 with an annual average decline rate of 7.01%.
Future trends to watch for include:
- Technological advancements in agricultural machinery that could lower the need for imports.
- Economic policies affecting import duties and tariffs.
- Domestic production capabilities which might replace imports.
- Climate and environmental factors influencing agricultural practices.
- Exchange rate fluctuations impacting import costs.
