Forecast: Import of Aluminium Structures and Parts for Construction to Nigeria

The import of aluminium structures and parts for construction to Nigeria fluctuated significantly from 2013 to 2023. Initially, the values saw notable growth, peaking in 2014, followed by a sharp decline in 2016 and 2017. The import values showed a recovery in 2018 but experienced another dip in 2019 and 2020. The year 2021 marked a resurgence in imports, which continued with modest increases in 2022 and 2023. As of 2023, the value of imports stood at 11.829 million USD.

- Year-on-year variation revealed substantial fluctuations with highs and lows: a remarkable 73.77% increase in 2014 and a steep 47.24% decline in 2016.

- Over the last two years (2022-2023), the import value slightly increased by 2.17%.

- The Compound Annual Growth Rate (CAGR) over the last five years showed a minor average annual growth of 0.056%.

Future trends to watch for include steady increases in import values, with forecasted growth rates of approximately 1.66% CAGR over the next five years, anticipating a total growth rate of 8.56% by 2028. Economic policies, domestic production capacity, and global market conditions are crucial factors to monitor as they will influence import trends in Nigeria's construction industry.