Goods exported via maritime transport in 2024 exceeded imports by 39.76%, marking a significant shift in Nigeria's foreign trade transport patterns. This was a stark contrast to other modes of transport, where imports dominated.
According to the National Bureau of Statistics (NBS), goods exported via sea vessels in 2024 totaled N78.37 trillion, far surpassing the N52.37 trillion worth of goods imported. This trend was also observed in 2023, when maritime exports stood at N36.22 trillion, exceeding imports of N32.19 trillion by 11.78%.
Trade Balance and Import Trends
Despite the dominance of maritime exports, Nigeria recorded a total trade balance of N20.8 trillion in 2024, with exports valued at N79.11 trillion and imports at N58.31 trillion. However, imports outweighed exports in air and road transport categories:
Air Transport: Imports via air cargo were 167.85% higher than exports in 2024, with N3.68 trillion worth of imports compared to N321.6 billion in exports. A similar gap was recorded in 2023, with air imports exceeding exports by 167.90%.
Road Transport: Road imports stood at N273.71 billion in 2024, surpassing exports of N131.48 billion by 70.20%. In 2023, road imports were 58.17% higher than exports.
Maritime Transport vs. Air Cargo: Business Considerations
The President of the Importers Association of Nigeria (IMAN), Kingsley Chikezie, attributed the dominance of air cargo imports to efficiency and shorter delivery times.
"Air transport comes quicker—within a week, your consignment is in Nigeria, no matter where it's coming from," Chikezie said in a phone interview. "When you import through the seaport, it takes 90 to 120 days, sometimes longer. With air cargo, you can turn over four to five times what you would with containerized imports."
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He noted that businesses dealing in time-sensitive goods, such as textiles and pharmaceuticals, prefer air cargo despite higher costs.
"If you need something urgently from China, you can't use the sea. It must be air cargo," he explained. "You pay more, but within a month, you can import multiple times and restock quickly."
Maritime Transport Still Crucial for Heavy Goods
Despite air cargo's speed, Chikezie emphasized that heavy-duty goods, including building materials, cement, tiles, and plumbing supplies, must be transported by sea due to weight and cost considerations.
"You can't ship tiles or cement by air—it's too heavy and expensive," he stated. "These products must come through maritime transport."
Role of Logistics Companies in Air Cargo
Chikezie also highlighted the importance of logistics companies like DHL in facilitating air cargo movement. "DHL has cargo planes that arrive daily from the U.S. and other locations, ensuring quick delivery of consignments," he said.
Conclusion
While maritime transport remains the backbone of Nigeria's export trade, air cargo has carved out a niche for businesses that require speed and efficiency, albeit at a higher cost. The evolving trade dynamics reflect a balance between affordability and speed, shaping the country's import-export landscape.
