Nigeria’s aluminium foil importation market transforming to a multi-million dollar industry during 2017-20

Nigeria has overtaken South Africa as Africa’s largest economy and with over 200 million people, it is the largest market in the continent. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24nd-largest in terms of purchasing power parity.

The West-African nation’s aluminium foil importation during 2017-19 has been showing a rapid growth as the import was recorded at 10,505 tonnes and the expenditure occurred stood at $42.57 million. The projection for 2020 import has been analysed at 11,711 tonnes and the expenditure might rise to $36.71 million. When the analysed import volume of 2020 and expenditure gets summed up with the previous three years, it reflects 22,216 tonnes and $79.28 million.

In 2017 the country aluminium foil importation stood at 1088 tonnes and the expenditure remained at $6.32 million, whereas in 2018 the demand surged up and the import showed growth by 65.34%, as the import volume stood at 1799 tonnes and the expenditure stood at $10.41 million.

Nigeria’s import for aluminium foil in 2019 also recorded growth by 323.34%, as the import volume stood at 7618 tonnes and the expenditure surged to $25.84 million, while in 2020 the estimated import volume reflects a rise by 53.72%, as the total importation might reach to 11,711 tonnes and the expenditure will be stretching to $36.71 million.

The Eco-was country has been importing aluminium foil from its trading partner nations like Belgium, China, Denmark, France, Germany, Greece, India, Indonesia, Netherlands, South Africa, Spain, UK, etc.