Nigeria's ores and metals exports saw significant fluctuation from 2013 to 2023. Starting with a robust increase of 44.98% in 2013, the export values faced a downward trend from 2014 through 2017, hitting a low point in 2017. However, from 2018 onwards, the trend generally reversed, showing signs of recovery and significant growth, culminating in substantial increases in 2021 and 2022. In 2023, the value stood at 1.23 units, marking a 21.55% year-on-year increase with a five-year CAGR of 31.85%.
Projected growth for the period from 2024 to 2028 indicates a more modest average annual growth rate of 5.09%, totaling a forecasted growth rate of 28.17% over the five years.
Future trends to watch for include potential impacts of global commodity price fluctuations, Nigeria's export policies, and the stability of mining operations. Stakeholders should also monitor advancements in mining technology and infrastructure development, which could further influence export volumes.
