Nigeria: Shipping Market 2024

Shipping Market Size in Nigeria

The Nigerien shipping market surged to $X in 2023, increasing by X% against the previous year. In general, consumption recorded a buoyant expansion. Shipping consumption peaked in 2023 and is expected to retain growth in the near future.

Shipping Production in Nigeria

In value terms, shipping production fell to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Shipping Exports

Exports from Nigeria

Shipping exports from Nigeria dropped significantly to X units in 2023, which is down by X% compared with 2022 figures. Over the period under review, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, shipping exports fell markedly to $X in 2023. In general, exports recorded a deep slump. The growth pace was the most rapid in 2014 with an increase of X%. The exports peaked at $X in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

Exports by Country

Gabon (X units) was the main destination for shipping exports from Nigeria, with a X% share of total exports. Moreover, shipping exports to Gabon exceeded the volume sent to the second major destination, China (X units), fourfold. Ghana (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Gabon amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Ghana (X% per year).

In value terms, Gabon ($X) remains the key foreign market for ships, vessels, ferry-boats for the transport of persons exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by China ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Gabon stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the average shipping export price amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the export price continues to indicate a temperate expansion. The growth pace was the most rapid in 2013 when the average export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Gabon ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Gabon (X%), while the prices for the other major destinations experienced more modest paces of growth.

Shipping Imports

Imports into Nigeria

In 2023, overseas purchases of ships, vessels, ferry-boats for the transport of persons increased by X% to X units, rising for the second year in a row after two years of decline. Overall, imports saw a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2023, imports remained at a lower figure.

In value terms, shipping imports soared to $X in 2023. In general, imports enjoyed a modest increase. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2023, imports remained at a lower figure.

Imports by Country

Cote d'Ivoire (X units), Belgium (X units) and Singapore (X units) were the main suppliers of shipping imports to Nigeria, with a combined X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of ships, vessels, ferry-boats for the transport of persons to Nigeria, comprising X% of total imports. The second position in the ranking was taken by Belgium ($X), with an X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Singapore amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the average shipping import price amounted to $X per unit, with a decrease of X% against the previous year. In general, the import price saw a noticeable curtailment. The pace of growth was the most pronounced in 2018 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Singapore ($X,917 per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Greece (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform