In 2023, the actual import value of milk and cream to Nigeria stood at a certain level. Based on the forecasted data, imports are expected to decline steadily from 2024 to 2028. Specifically, the forecast shows a value of 2.8235 million USD in 2024, decreasing to 1.5503 million USD by 2028. This reflects a considerable year-on-year decline.
- From 2024 to 2025: -11.62%
- From 2025 to 2026: -12.87%
- From 2026 to 2027: -14.49%
- From 2027 to 2028: -16.55%
The compound annual growth rate (CAGR) for the period from 2024 to 2028 is approximately -14.55%, indicating a consistent negative trend in the import value of milk and cream over these years.
Future trends to watch for include potential changes in local dairy production capabilities, shifts in consumer preferences, alterations in trade policies or tariffs, and the impact of global dairy market dynamics. Monitoring these factors can provide a deeper understanding of Nigeria's import needs and how they may evolve.
