The analysis of Nigeria's ICT goods imports from 2013 to 2023 shows fluctuating trends with some notable peaks and troughs. The 2023 value stands at 3.16, reflecting a slight decline of -0.14% from the previous year. Over the last two years, there has been a recovery in the import values, particularly notable with a 14.93% increase in 2022. However, the overall trajectory over the past decade points to a decline, with significant drops post-2015 and again in recent years.
As we look towards future trends from 2024 to 2028, forecasts suggest a continued decline, with a 5-year CAGR forecasted at -1.11%, implying a gradual reduction in import volumes. This can be inferred to result in a total reduction of 5.44% by 2028. Factors contributing to this trend may include increased local production, economic challenges, or strategic shifts towards digital sustainability.
Future trends to watch for include:
- Strengthening of local ICT production capabilities.
- Policies impacting import duties and tariffs on ICT goods.
- Global supply chain disruptions and their effects on imports.
- Increasing adoption of technology and digital tools within Nigeria which may influence demand.
