Trade - Page 4 - Intelpoint

2024 was the strongest year on record, with 495.6k tons of cargo transported, more than 60% higher than 2023 and ₦1.95 billion in freight revenue.
Cargo volume and revenue both crashed in 2020 due to COVID-19 disruptions, falling to 87.4k tons and ₦281.4 million respectively.
Recovery began in 2021–2022, as improved freight operations and industrial demand pushed steady gains in both tonnage and income.
Q1 2025 shows 181.5k tons and ₦650m (approx.) in revenue, signaling strong momentum that could surpass 2024 totals if maintained.

2020 marked the lowest point for both passenger volume (1.02 million) and revenue (₦1.7 billion), reflecting the full impact of COVID-19 lockdowns.
Strong recovery followed in 2021, with passenger numbers jumping to 2.71 million and revenue surging by 226% to ₦5.6 billion.
2024 was the best-performing year, recording ₦6.7 billion in revenue and 3.14 million passengers, a clear sign of renewed public confidence in rail transport.
Q1 2025 (₦1.9 billion revenue, 929,000 passengers) suggests steady ridership levels but moderate momentum compared to the 2024 surge.

Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.

Africa received $96.4 billion in remittances in 2024.
Egypt ($22.7B) and Nigeria ($19.8B) dominated inflows, accounting for nearly half of the continent’s total.
Egypt’s 16% growth reflects stronger remittance networks and economic linkages with its diaspora.
Nigeria’s inflows grew modestly (1%).
Ghana recorded the highest growth (91%), indicating a resurgence in diaspora remittances.
Zimbabwe (-6%) and Tunisia (-3%) experienced declines, pointing to potential disruptions in inflow channels.

Nigeria’s energy goods exports rose from ₦37.3B in 2017 to ₦262.9B in 2024, before falling to ₦154.2B in H1 2025.
Imports remained consistently low, ranging from ₦24.2M to ₦353.1M throughout the period.
Export growth outpaced imports, showing a widening trade surplus in energy goods.
The 2024 spike in exports represents the highest export value within the nine-year window.
Energy imports stayed below ₦400M yearly, indicating low dependency on foreign energy goods.

A total of ₦20.45 trillion in Internally Generated Revenue (IGR) has been recorded nationwide since 2008.
Lagos State generated ₦1.26 trillion in 2024, maintaining its position as the top revenue-generating state.
For five consecutive years, Yobe and Taraba have consistently ranked among the bottom five states in revenue generation.
FCT IGR records began in 2018.
Enugu State recorded a remarkable 433.03% year-on-year increase in 2024.
Ebonyi (–57.27%), Ondo (–24.70%), and Yobe (–0.99%) were the only states that experienced a decline in IGR in 2024.

China has dominated Nigeria’s imports from Asia, maintaining a 50–55% share for most of the period.
China’s share reached its highest level at 58.6% in H1 2025.
India's import share remained volatile, ranging between 11% and 25%.
Total imports from Asia surged from ₦2.6 trillion in 2013 to ₦16.4 trillion in H1 2025.

Agricultural imports fell from 83.9% in 2017 to 42.9% in H1 2025, indicating a significant decline in import dependency.
Agricultural exports grew from 16.1% in 2017 to 54.0% in 2024, surpassing imports for the first time since 2017.
Total agricultural trade increased from ₦1.1 trillion in 2017 to ₦8.2 trillion in 2024.
Between 2022 and 2024, the import share dropped significantly from 75.7% to 46.0%.

Crude oil imports into Nigeria in H1 2025 marked the first occurrence since 2017.
Crude oil imports accounted for 10.2% of total crude oil trade.
From 2017 to 2024, exports made up 100% of crude oil trade annually.
Total crude oil trade peaked at ₦55.3 trillion in 2024.
The emergence of crude oil imports can be linked to domestic refinery operations, especially the Dangote Refinery.

Asia and Europe have consistently represented over 70% of Nigeria’s imports since 2013.
Asia’s share of imports reached a record 53.5% in H1 2025.
Europe contributed 23.1% of total imports in H1 2025.
Imports from the American region averaged between 10%–14% over the period.
Africa’s import share remained below 10%, showing limited regional trade.

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