A new data series from the NBS captures shipping and port activities. The ship traffic statistics, drawn from the Nigerian Ports Authority, show a provisional figure of 4,025 vessels berthed at the various ports across the country last year. When compared with 2015, the total number of vessels recorded last year represented a -26% y/y decline. This fall in import activities should be attributed to the current fx illiquidity as well as insecurity in Nigeria’s coastal waters.
Based on CBN data, Nigeria generated N35.6bn in customs and excise duties in May 2016, compared with N42.1bn recorded in the corresponding period of the previous year. The CBN circular on the 41 import items would have been a contributory factor behind the decrease in revenues.
Outward cargoes from Delta port dropped by -51% to an estimated 1.9 million in 2016 from 2013. The port exports crude oil primarily and, given the recurrent pipeline vandalism, export volumes have plummeted.
Meanwhile, at Apapa port outward cargoes surged by 54% over the same period to 1.3 million tonnes last year.
There is an over-reliance on Lagos ports. However, the evacuation of cargoes remains a major challenge, with other transportation links surrounding the port in poor condition.
In an attempt to improve maritime trade as well as reduce the pressure associated with transshipment cargo at Lagos ports, the construction of the Ibom Deep Sea Port (IDSP) located in Akwa Ibom State is underway.
Sources: National Bureau Of Statistics (NBS); FBNQuest Research
Given its proximity to industrial and commercial centers in southern Nigeria, once operations commence, IDSP has the potential of becoming a dominant hub within the region.