In 2023, the import value of knotted carpets and floor coverings to Nigeria was reported at 21.75 thousand US Dollars. The forecasted values for the subsequent years show a decreasing trend: 17.49 thousand USD in 2024, 13.42 thousand USD in 2025, 9.42 thousand USD in 2026, 5.51 thousand USD in 2027, and 1.67 thousand USD in 2028.
Year-on-year variations highlight the following percentage changes:
- 2024: -19.61%
- 2025: -23.23%
- 2026: -29.80%
- 2027: -41.55%
- 2028: -69.69%
The observed Compound Annual Growth Rate (CAGR) over the five-year forecast period averages to approximately -37.98%, indicating a significant decline in imports each year.
Future trends to watch for include potential changes in domestic production capabilities, shifts in consumer preferences towards locally-made products, and evolving trade policies that may impact import costs and demand. Additionally, economic factors such as fluctuations in disposable income and import tariffs will likely influence the import dynamics of these products in Nigeria.
