Import of machinery for preparing animal feeding stuffs to Nigeria has shown significant variability over the years, with marked growth from 2013 to 2023. The value stood at $30.873 million in 2023. Significant peaks were observed in 2014 and 2017, offset by declines in 2016, 2018, and 2020. The period from 2021 to 2023 registered a steady upward trend in imports. Key variations include a 4.42% increase in 2023 and a 4.72% increase in 2022. The five-year CAGR preceding 2023 remains at 6.71%.
Future trends indicate a continued growth trajectory, with a forecasted 5-year CAGR of 3.13% from 2024 to 2028, leading to an overall 16.68% growth rate by 2028. Key factors to monitor include technological advancements, local production capacities, and policy changes affecting import regulations. These elements could significantly impact the volume and value of machinery imports needed for animal feed preparation.
