Foreign Trade Through Maritime Hits N130.8 Trillion in 2024
Nigeria’s foreign trade through maritime transport saw a massive surge in 2024, rising by 91% year-on-year (YoY) to N130.75 trillion, compared to N68.44 trillion in 2023. Data from the National Bureau of Statistics (NBS) reveals that maritime trade dominated total foreign trade, with exports making up 59.94% of the transactions.
According to the NBS report, exports via maritime routes experienced a significant jump of 116.3% YoY, reaching N78.38 trillion in 2024, up from N36.24 trillion recorded in 2023.
Maritime Exports Witness Unprecedented Growth
In the first quarter of 2024 (Q1’24), exports surged by 196.3% YoY, hitting N19.02 trillion compared to N6.42 trillion in Q1’23. This trend continued into the second quarter (Q2’24), where exports climbed 177.4% YoY to N19.25 trillion, compared to N6.94 trillion in Q2’23.
The third quarter (Q3’24) also recorded a substantial increase, with exports rising by 98% YoY to N20.33 trillion from N10.27 trillion in Q3’23. In Q4’24, exports maintained strong growth, increasing by 57.1% YoY to N19.8 trillion, up from N12.6 trillion in Q4’23.
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Maritime Imports Also Experience Significant Rise
The NBS report further indicates that total imports through maritime transport increased by 62.67% YoY, reaching N52.38 trillion in 2024, compared to N32.2 trillion in 2023.
- Q1’24: Imports rose by 127% YoY to N11.9 trillion, up from N5.25 trillion in Q1’23.
- Q2’24: Imports increased by 121% YoY to N11.8 trillion, compared to N5.34 trillion in Q2’23.
- Q3’24: Maritime imports climbed 71.3% YoY to N13.67 trillion from N7.98 trillion in Q3’23.
- Q4’24: Imports grew by 10% YoY, reaching N14.96 trillion, up from N13.6 trillion in Q4’23.
The data underscores the growing reliance on maritime transport for Nigeria’s foreign trade, with imports and exports consistently increasing across all quarters.
Maritime Transport Dominates Foreign Trade
The NBS Q4’24 Foreign Trade in Goods report highlights that 98.79% of Nigeria’s foreign trade was conducted via maritime transport. The report states:
“Trade by mode of transport analysis reveals that most commodities exported out of Nigeria were by sea in the fourth quarter of 2024. The maritime transport accounted for N19.8 trillion or 98.79 percent of total exports.”
This significant growth in foreign trade through maritime reflects increased global demand for Nigerian goods, improved port operations, and enhanced trade policies. As maritime trade continues to expand, it plays a crucial role in Nigeria’s economic growth and international trade landscape.
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