The import of contact lenses to Nigeria has demonstrated significant variation over the years. In 2023, the import value stood at 94.76 thousand US Dollars. The period between 2013 and 2023 witnessed fluctuations with sharp increases and decreases in year-on-year variations. From 2021 onwards, the annual growth rates stabilized, showing moderate increases year-on-year: 6.22% in 2021, 5.74% in 2022, and 5.32% in 2023. The 5-year CAGR leading up to 2023 was 5.15%, indicating stable growth. Forecasted data anticipates a 5-year CAGR of 3.35%, with an aggregate growth rate of 17.93% from 2024 to 2028.
Future trends to watch for include:
- Potential impact of local production capabilities on import volumes.
- Changes in consumer preferences and demand for contact lenses.
- Economic and policy changes affecting import tariffs and regulations in Nigeria.
- Advances in contact lens technology influencing market dynamics.
