By Israel Ajenu
Foreign trade through maritime transport rose by 91 percent, Year-on-Year, YoY to N130.75 trillion in 2024 from N68.44 trillion in 2023.
Vanguard analysis of data on Foreign Trade in Goods by National Bureau of Statistics, NBS showed that exports dominated, accounting for 59.94 per cent of total foreign trade through maritime.
According to NBS data, total exports through maritime rose by 116.3 per cent YoY to N78.38 billion in 2024 from N36.24 billion in 2023.
In the first quarter of 2024, Q1’24, exports rose by 196.3 per cent YoY to N19.02 billion in Q1’24 from N6.42 billion in Q1’23.
The trend continued in Q2’24 when exports rose 177.4 per cent YoY to N19.25 from N6.94 million in Q2’23.
Exports also rose by 98 per cent YoY to N20.33 in Q3’24 and N10.27 billion in Q3’23, and also by 57.1 per cent YoY to N19.8 billion in 2024 from N12.6 billion in Q4’23
The NBS data also showed that total import through maritime rose by 62.67 per cent , YoY N52.38 billion in 2024 from N32.20 billion in 2023.
Total import rose 127 per cent, YoY to N11.9 billion in Q1’24 from N5.25 billion in Q1’23.
It also rose by 121 per cent, YoY to N11.8 billion in Q2’24 from N5.34 billion in Q2’23.
This trend continued in Q3’23 when imports rose 71.3 per cent, YoY to N13.67 from N7.98 billion in Q3’23
Import also rose 10 per cent YoY to N14.96 billion in Q4’24 from N13.6 billion in Q4’23.
The NBS in its Q4’24 Foreign Trade in Goods report said that 98.79 per cent of foreign trade was through maritime transport.
It stated, “Trade by mode of transport analysis by mode of transport reveals that most commodities exported out of Nigeria were by sea in the fourth quarter of 2024. The maritime transport accounted for N19.8 billion or 98.79 percent of total exports”
