Nigeria: Shipping Market 2024

Shipping Market Size in Nigeria

The Nigerien shipping market surged to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption showed prominent growth. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Shipping Production in Nigeria

In value terms, shipping production stood at less than $X in 2022 estimated in export price. Over the period under review, production posted significant growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Shipping production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

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Shipping Exports

Exports from Nigeria

After two years of growth, shipments abroad of ships, vessels, ferry-boats for the transport of persons decreased by X% to X units in 2022. Over the period under review, exports saw a deep contraction. The growth pace was the most rapid in 2015 with an increase of X%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, shipping exports surged to $X in 2022. In general, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units), the Netherlands (X units) and Cameroon (X units) were the main destinations of shipping exports from Nigeria.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual growth rate of value to Cameroon totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Indonesia (X% per year).

Export Prices by Country

The average shipping export price stood at $X,683 per unit in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, showed a abrupt downturn. The growth pace was the most rapid in 2014 when the average export price increased by X%. The export price peaked at $X,100 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cameroon ($X,260 per unit), while the average price for exports to Indonesia ($X,085 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Gabon (X.4%), while the prices for the other major destinations experienced more modest paces of growth.

Shipping Imports

Imports into Nigeria

Shipping imports into Nigeria declined to X units in 2022, which is down by X% on 2021 figures. Over the period under review, imports continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, shipping imports surged to $X in 2022. In general, imports showed a perceptible setback. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X units), Mexico (X units) and Qatar (X units) were the main suppliers of shipping imports to Nigeria, together accounting for X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and Turkey (X% per year).

Import Prices by Country

The average shipping import price stood at $X,540 per unit in 2022, increasing by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X,971 per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X,572 per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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