The import of Stone, Plaster, Cement, Asbestos, and Mica to Nigeria has exhibited significant fluctuations over the past decade. After a peak in 2014 with a value of 109.32 million USD, a decline began, reaching 45.285 million USD in 2023, which represents a 4.35% year-on-year decrease. The compound annual growth rate (CAGR) over the last five years is -4.32%, highlighting a steady downward trend.
Future trends to watch for:
- Forecasts from 2024 to 2028 suggest a continued decline, with an average annual decrease of 4.31%.- The overall market shrinkage by nearly 20% over the forecast period indicates ongoing challenges.- Factors such as domestic production capacity, economic conditions, and potential regulatory changes could further impact these trends.
