In Q4 2024, more than 98% of exports and 90% of imports were transported through maritime

Key Takeaways:

  • Maritime transport dominated Nigeria’s international trade in Q4 2024, accounting for 98.79% of total exports and 90.15% of total imports.
  • Air transport contributed significantly to imports (9.03%) but played a minimal role in exports (0.64%).
  • Road and other transport modes made negligible contributions to both imports and exports.
  • Total trade across all transport modes reached ₦36.6 trillion, resulting in a positive trade balance.

In the fourth quarter of 2024, Nigeria’s international trade depended predominantly on maritime transport. Sea routes facilitated the export of goods valued at ₦19.77 trillion and the import of goods worth ₦14.96 trillion.

Air transport played a more significant role on the import side, handling goods worth ₦1.50 trillion. It accounted for 9.03% of total imports, but contributed just 0.64% of export volume. Road and other forms of transport contributed minimally, with road accounting for less than 1% of both import and export trade.

Overall, Nigeria recorded a total trade value of ₦36.6 trillion across all modes, closing the quarter with a favourable trade balance.

Source:

National Bureau of Statistics

Period:

2024
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