Between 2013 and 2023, Nigeria's import of herbicides, anti-sprouting products, and plant-growth regulators exhibited significant volatility. The trend saw steep declines, such as in 2014 and 2016, followed by substantial growth periods, notably in 2018 with a remarkable 441.13% year-on-year increase. In recent years, the growth rate has stabilized, with a 5.02% increase from 2022 to 2023, resulting in a total volume of 123.32 million kilograms in 2023.
Looking to the future, forecasted data suggests a continued upward trend, with a compound annual growth rate (CAGR) of 3.22% anticipated from 2024 to 2028. This period is expected to experience a 17.17% overall growth in imports.
Future trends to watch for:
- Impact of government agricultural policies on import volumes.
- Shifts in global supply chain dynamics and their influence on availability and cost.
- Technological advancements in agricultural practices reducing dependency on imports.
- Economic factors influencing the purchasing power of agricultural enterprises.
