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Nigeria’s foreign trade via maritime transport surged by 91% in 2024, reaching N130.75 trillion, up from N68.44 trillion in 2023, according to the National Bureau of Statistics (NBS).
Exports dominated this growth, accounting for 59.94% of the total maritime trade. In 2024, exports through maritime channels rose by 116.3% to N78.38 trillion from N36.24 trillion in 2023. Breaking it down quarterly:
- Q1 2024: Exports increased by 196.3% to N19.02 trillion from N6.42 trillion in Q1 2023.
- Q2 2024: A 177.4% rise to N19.25 trillion from N6.94 trillion in Q2 2023.
- Q3 2024: Exports grew by 98% to N20.33 trillion from N10.27 trillion in Q3 2023.
- Q4 2024: A 57.1% increase to N19.8 trillion from N12.6 trillion in Q4 2023.
Imports also saw significant growth, rising by 62.67% to N52.38 trillion in 2024 from N32.20 trillion in 2023. Quarterly import figures are as follows:
- Q1 2024: Imports jumped by 127% to N11.9 trillion from N5.25 trillion in Q1 2023.
- Q2 2024: A 121% increase to N11.8 trillion from N5.34 trillion in Q2 2023.
- Q3 2024: Imports rose by 71.3% to N13.67 trillion from N7.98 trillion in Q3 2023.
- Q4 2024: A 10% growth to N14.96 trillion from N13.6 trillion in Q4 2023.
The NBS highlighted that in Q4 2024, 98.79% of Nigeria’s foreign trade was conducted via maritime transport.
