In 2023, the import value of central heating boilers to Nigeria stood at 3.6 million US Dollars. According to forecasts, this value is expected to decrease over the coming years. The import value for 2024 is projected at 3.1011 million US Dollars, followed by a year-on-year decline of 13.5% to 2.6824 million US Dollars in 2025. The trend continues with a further drop of 15.3% in 2026 to 2.272 million US Dollars. By 2027, the projected value is expected to decrease by 17.7% to 1.8699 million US Dollars, and a similar decline of 21.1% is predicted for 2028, reaching 1.4758 million US Dollars.
Considering the period from 2024 to 2028, the compound annual growth rate (CAGR) indicating the average annual decline is estimated to be approximately -16%. This sharp decrease reflects a consistent downward trend in the importation of central heating boilers in Nigeria.
Future trends to watch for include potential shifts in energy policies, changes in construction industry dynamics, and evolving consumer preferences towards alternative heating solutions. Market players should also be aware of technological advancements and economic conditions that may affect demand patterns.