Foreign trade through Nigeria’s seaports increased by 91% in 2024, reaching ₦130.8 trillion, compared to ₦68.4 trillion in 2023, according to the National Bureau of Statistics (NBS).
Exports made up the majority (59.94%) of maritime trade, rising 116.3% to ₦78.38 trillion in 2024 from ₦36.24 trillion in 2023.
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Each quarter of 2024 saw strong export growth:
- Q1 2024: ₦19.02 trillion (up 196.3% from Q1 2023)
- Q2 2024: ₦19.25 trillion (up 177.4% from Q2 2023)
- Q3 2024: ₦20.33 trillion (up 98% from Q3 2023)
- Q4 2024: ₦19.8 trillion (up 57.1% from Q4 2023)
Imports also grew significantly, rising 62.67% to ₦52.38 trillion in 2024 from ₦32.2 trillion in 2023.
The quarterly breakdown shows:
- Q1 2024: ₦11.9 trillion (up 127% from Q1 2023)
- Q2 2024: ₦11.8 trillion (up 121% from Q2 2023)
- Q3 2024: ₦13.67 trillion (up 71.3% from Q3 2023)
- Q4 2024: ₦14.96 trillion (up 10% from Q4 2023)
The NBS report confirmed that 98.79% of Nigeria’s foreign trade in Q4 2024 was carried out via maritime transport.
It highlighted that the majority of exports left Nigeria by sea, reinforcing the country’s reliance on maritime trade for global commerce.