The import of cereal, flour, starch, and milk preparations to Nigeria peaked in 2014 with a value of $554.95 million before experiencing fluctuations and a downward trend afterward. As of 2023, the import stood at $221.56 million, exhibiting an overall negative trend in recent years with a -10.14% year-on-year decrease compared to 2022. Over the last five years, the compound annual growth rate (CAGR) from 2019 to 2023 was approximately -7.62%.
Future projections indicate a continued decline, with a five-year forecasted CAGR of -14.07% from 2024 to 2028, resulting in an expected import value of $90.918 million by 2028. This represents a significant contraction of 53.16% over the forecasted period.
Future trends to watch for:
- Impact of government policies on local production and import substitution.
- Changes in consumer demand influenced by economic conditions and dietary trends.
- Fluctuations in global commodity prices and their effect on import costs.
- Technological advancements in local agriculture potentially reducing import dependence.
