The import of ferro-alloys to Nigeria has shown considerable variability over the years. Between 2013 and 2023, the actual imports fluctuated, with significant changes observed in specific years. The import value in 2023 stood at 25.481 million USD. A noteworthy increase occurred from 2018 to 2021, with the imports peaking notably in 2021. Year-on-year variation from 2021 to 2022 was 2.94%, and from 2022 to 2023 it was 2.8%. The Compounded Annual Growth Rate (CAGR) over the last 5 years (2018-2023) averaged out to 1.42%. The forecasted data suggests a steady increase in imports, projecting a growth rate of 10.9% over the next five years, with an anticipated CAGR of 2.09%.
- Import value in 2023: 25.481 million USD.
- Year-on-year variation (2022-2023): 2.8%.
- CAGR (2018-2023): 1.42%.
- Forecasted CAGR (2024-2028): 2.09%.
Future trends to watch for include Nigeria's industrial growth, changes in global ferro-alloy prices, and trade policy adjustments, which could significantly impact import volumes and values.
