The import of insulated wire and cable to Nigeria has been forecasted to decrease significantly from 2024 to 2028. In 2023, the value stood at $62.5 million. From 2024, there is a notable year-on-year reduction: 56.5 million in 2024, 50.5 million in 2025, 44.6 million in 2026, 38.9 million in 2027, and 33.2 million in 2028. These values indicate a consistent decline, with the Compound Annual Growth Rate (CAGR) over the five years being negative. Specifically, the year-on-year percentage decreases are as follows:
• 2024 vs. 2023: -9.59%
• 2025 vs. 2024: -10.61%
• 2026 vs. 2025: -11.67%
• 2027 vs. 2026: -12.89%
• 2028 vs. 2027: -14.52%
Future trends to watch for include potential changes in global raw material prices, shifts in Nigeria's infrastructure investments, and evolving trade policies. Additionally, the impact of technological advancements in cables and potential local manufacturing growth could influence import levels.
