Foreign trade conducted through Nigeria’s maritime transport sector saw a remarkable 91% year-on-year (YoY) increase, reaching N130.75 trillion in 2024, up from N68.44 trillion in 2023, according to data from the National Bureau of Statistics (NBS).
The NBS report on Foreign Trade in Goods reveals that exports dominated maritime trade, accounting for 59.94% of the total value. This sharp increase in exports contributed significantly to the overall trade growth, reflecting stronger global demand for Nigerian goods and increased efficiency in maritime logistics.
Exports See Triple-Digit Growth
Nigeria’s total exports through maritime transport rose by 116.3% YoY, reaching N78.38 trillion in 2024, compared to N36.24 trillion in 2023. The data shows consistent export growth across all four quarters:
- Q1 2024: N19.02 trillion, marking a 196.3% increase from N6.42 trillion in Q1 2023.
- Q2 2024: N19.25 trillion, rising 177.4% from N6.94 trillion in Q2 2023.
- Q3 2024: N20.33 trillion, growing 98% from N10.27 trillion in Q3 2023.
- Q4 2024: N19.8 trillion, reflecting a 57.1% increase from N12.6 trillion in Q4 2023.
The rise in exports highlights the increased output of crude oil, agricultural products, and manufactured goods, which remain the backbone of Nigeria’s international trade.
Imports Also Show Significant Growth
Imports through maritime transport increased by 62.67% YoY, rising from N32.2 trillion in 2023 to N52.38 trillion in 2024. The steady growth in imports suggests higher consumer demand and increased industrial activity requiring raw material imports.
Quarterly import figures also recorded notable increases:
- Q1 2024: N11.9 trillion, up 127% from N5.25 trillion in Q1 2023.
- Q2 2024: N11.8 trillion, increasing 121% from N5.34 trillion in Q2 2023.
- Q3 2024: N13.67 trillion, up 71.3% from N7.98 trillion in Q3 2023.
- Q4 2024: N14.96 trillion, showing a 10% increase from N13.6 trillion in Q4 2023.
Maritime Transport Dominates Nigeria’s Trade
The NBS Q4 2024 Foreign Trade in Goods report indicates that maritime transport remains the dominant mode for Nigeria’s international trade. In Q4 alone, 98.79% of total foreign trade was conducted through seaports, reaffirming the sector’s vital role in the country’s economy.
“Trade by mode of transport analysis reveals that most commodities exported out of Nigeria were transported by sea in the fourth quarter of 2024. The maritime transport accounted for N19.8 trillion or 98.79% of total exports,” the report stated.
Implications for Nigeria’s Economy
The surge in maritime trade underscores Nigeria’s increasing global trade integration, with the sector benefiting from port modernization, improved logistics, and stronger trade agreements. The sustained growth in both exports and imports reflects economic expansion, industrial growth, and increased global demand for Nigerian goods.
However, challenges such as port congestion, high import tariffs, and currency fluctuations continue to impact trade efficiency. Analysts suggest that continued investments in port infrastructure, trade facilitation, and regulatory reforms will be key to sustaining this momentum.
Looking Ahead
With the maritime sector accounting for nearly all of Nigeria’s foreign trade, stakeholders anticipate further growth, particularly with ongoing port expansion projects and improvements in customs clearance processes. If current trends continue, 2025 could see another record-breaking year for Nigeria’s maritime trade.
