Nigeria: Shipping Market 2024

Shipping Market Size in Nigeria

In 2021, the Nigerien shipping market decreased by -11.2% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, saw a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Shipping Production in Nigeria

In value terms, shipping production amounted to $X in 2021 estimated in export price. In general, production, however, posted a temperate increase. The growth pace was the most rapid in 2019 when the production volume increased by 243%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Shipping Exports

Exports from Nigeria

In 2021, approx. X units of ships, vessels, ferry-boats for the transport of persons were exported from Nigeria; dropping by -41.9% against 2020. Over the period under review, exports faced a sharp contraction. The growth pace was the most rapid in 2020 with an increase of 1,252% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, shipping exports contracted sharply to $X in 2021. In general, exports faced a dramatic decline. The most prominent rate of growth was recorded in 2014 with an increase of 1,173%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

From 2012 to 2021, the average annual growth rate of volume to No country was relatively modest.

In value terms, Gabon ($X) remains the key foreign market for ships, vessels, ferry-boats for the transport of persons exports from Nigeria, comprising 98% of total exports. The second position in the ranking was taken by Singapore ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Gabon stood at +439.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-21.5% per year) and the UK (+6.2% per year).

Export Prices by Country

In 2015, the average shipping export price amounted to $X per unit, which is down by -16.4% against the previous year. Overall, export price indicated a resilient expansion from 2013 to 2015: its price increased at an average annual rate of +18.5% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2015 figures, shipping export price increased by +40.5% against 2013 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 68% against the previous year. As a result, the export price attained the peak level of $X per unit, and then fell sharply in the following year.

There were significant differences in the average prices for the major overseas markets. In 2015, amid the top suppliers, the country with the highest price was Gabon ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2013 to 2015, the most notable rate of growth in terms of prices was recorded for supplies to Gabon (0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Shipping Imports

Imports into Nigeria

Shipping imports into Nigeria reduced dramatically to X units in 2021, with a decrease of -43.4% on the year before. Overall, imports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2015 with an increase of 181,955%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, shipping imports dropped markedly to $X in 2021. Over the period under review, imports recorded a pronounced decline. The pace of growth appeared the most rapid in 2015 when imports increased by 195% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X units) was the main supplier of shipping to Nigeria, accounting for a 95% share of total imports. Moreover, shipping imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -6.1%.

In value terms, the United States ($X), Japan ($X) and the UK ($X) constituted the largest shipping suppliers to Nigeria, together accounting for 1.2% of total imports.

Japan, with a CAGR of +31.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average shipping import price stood at $X per unit in 2021, dropping by -4% against the previous year. Overall, the import price, however, continues to indicate mild growth. The most prominent rate of growth was recorded in 2016 an increase of 70,600%. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for the United States amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-17.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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