The import of denatured ethyl alcohol and other spirits to Nigeria has shown fluctuating trends over the years. Starting from a value of $97.854 million in 2013, it saw significant increases and declines, reaching $100.87 million in 2023. Year-on-year variations have ranged from a decrease of -30.8% in 2016 to an increase of 22.76% in 2021. The compound annual growth rate (CAGR) over the last five years stands at 1.07%, indicating a modest upward trend.
The forecast from 2024 predicts steady growth, with values expected to increase to $109.92 million by 2028. The forecasted five-year CAGR stands at 1.35%, signaling a stable yet slow growth trajectory.
Future trends to watch for include the impact of global economic conditions, changes in international trade policies, and Nigeria's domestic demand for industrial and commercial applications of ethyl alcohol and spirits. Local production capacities and competition from other imports could also influence the market dynamics.