Nigeria's fuel imports have shown a steady increase from 2024 to 2028, with values rising from 37.47 to 38.87. This upward trend highlights a consistent year-on-year growth rate of approximately 0.94% annually. Moving forward, from 2023, which serves as a reference year for historical data, the compound annual growth rate (CAGR) over the forecasted period from 2024 to 2028 indicates a stable market demand for fuel imports.
Future trends to watch for:
- Emerging alternative energy sources and their potential impact on fuel import demand. - Geopolitical factors and their influence on global fuel prices and availability. - Domestic production capabilities and potential shifts in Nigeria's energy policies. - Economic factors, including currency fluctuations and inflation rates.
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