business
Maritime Exports Outpace Imports by 39% in 2024 – NBS
Maritime exports in Nigeria exceeded imports by 39.76% in 2024, reflecting a significant shift in trade patterns, according to the National Bureau of Statistics (NBS).
The total value of goods exported via maritime transport reached N78.37tn, compared to N52.37tn worth of imports.
A similar trend was recorded in 2023, with maritime exports totaling N36.22tn, surpassing imports valued at N32.19tn by 11.78%.
Despite this surplus in maritime trade, Nigeria recorded a total trade balance of N20.8tn in 2024, with overall exports at N79.11tn and imports at N58.31tn. However, imports continued to dominate trade via air and road transport.
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Air cargo imports exceeded exports by 167.85% in 2024. Airborne exports were valued at N3.68tn, while imports reached N9.84tn. A similar trend was observed in 2023, with imports surpassing exports by 167.90%.
For road transport, imports also remained dominant. In 2024, exports and imports via road transport were valued at N273.71bn and N131.48bn, respectively, with imports surpassing exports by 70.20%. In 2023, road imports also exceeded exports by 58.17%.
President of the Importers Association of Nigeria, Kingsley Chikezie, highlighted in an interview that longer shipping durations for sea imports impact business turnover compared to air freight.
“Air transport is faster. A shipment can arrive in Nigeria within a week, whereas sea transport takes 90 to 120 days or more. Businesses can cycle their inventory multiple times faster with air cargo than with containerized shipping,” Chikezie explained.
He emphasized that businesses dealing with time-sensitive goods, such as textiles and pharmaceuticals, prefer air freight due to its efficiency. “If you need an urgent shipment from China, it must come by air. Air transport ensures timely deliveries, making it ideal for fast-moving consumer goods,” he noted.
However, he acknowledged that air transport comes at a premium. “Air freight is expensive, but in industries like textiles, companies can restock multiple times within a month, ensuring quick turnover and profitability,” he added.
Conversely, heavy goods such as cement, tiles, and plumbing supplies are typically transported via sea due to cost and weight constraints. “Shipping tiles or cement by air is impractical due to the high costs. These items are best transported via maritime routes,” Chikezie stated.
Meanwhile, logistics companies such as DHL play a vital role in air cargo, ensuring daily deliveries from global locations. “DHL and other logistics firms operate cargo flights daily, facilitating efficient air freight shipments,” he added.
