From 2013 to 2023, Nigeria's wood-based panels imports have demonstrated significant fluctuations. After a notable decline between 2014 and 2017, the import volume rebounded through 2020, peaking at 697.13 thousand cubic meters in 2021. Despite a dip in 2022, the upward trend resumed, reaching 652.27 thousand cubic meters in 2023. The last 5-year CAGR stands at 17.22%, showing robust growth.
Forecasts from 2024 to 2028 indicate a steady increase, with a CAGR of 2.76%. By 2028, imports are expected to rise 14.56% from 2023 levels, hitting 776.25 thousand cubic meters.
Future Trends to Watch:
- Increased demand driven by urbanization and construction growth.
- Potential policy shifts impacting import tariffs and trade agreements.
- Technological advancements in wood-based panel manufacturing.
