Nigeria's Plaits and Basketwork Industry Sees Downturn in 2024
In 2024, Nigeria's plaits and basketwork industry experienced a downturn. Production and consumption decreased, and export prices dropped. However, the market had seen significant growth in previous years.
Production of plaits and basketwork in Nigeria stood at $X in 2024, a slight decrease from the previous period. Consumption also decreased by X% compared to 2022 levels. The market hit record highs in 2022 at $X, but failed to maintain momentum in 2023 and 2024.
Despite the recent downturn, the industry has seen impressive growth in the past. In 2013, production increased by X%, and it peaked at $X in 2016. However, production has been lower since 2017. Exports also peaked at X tons in 2021 but have since decreased by X% to X tons in 2024.
The average export price for plaits and basketwork in 2024 was $X per ton, a reduction of X% from the previous year. The most prominent rate of growth in production was recorded in 2013 with an increase of X%.
In 2024, despite the decrease in production, consumption, and export prices, the total consumption of plaits and basketwork in Nigeria increased at an average annual rate of X% from 2012 to 2024. The Nigerien plaits and basketwork market size was $X in 2024, growing by X% against the previous year. Although the market has experienced a recent downturn, it has shown resilience and growth over the past decade.
