The import of vinyl polymers to Nigeria has shown a significant downward trend from 2013 to 2023, despite initial growth in the early years. The peak was in 2014, but imports began to decline steadily from 2016 onward. By 2023, imports dropped to 1.9736 million USD, down from 2.134 million USD in 2022, marking a 7.52% year-on-year decline. Over the past five years, the Compound Annual Growth Rate (CAGR) was a negative 6.72%, indicating a persistent decrease in volume.
Looking ahead, the forecasted values from 2024 to 2028 predict a continued decline, reaching as low as 1.1287 million USD by 2028. The five-year forecast CAGR is projected to be -8.8%, representing a cumulative contraction of 36.92% over this period. Future trends to watch for include potential market shifts due to economic policies, local production capabilities, and the broader global market dynamics that might influence vinyl polymer demand.
