Market News

Nigeria’s maritime exports grew by 12 per cent in the first half of 2025, rising from N38.27tn in the same period of 2024 to N42.87tn. The growth was driven by foreign exchange reforms, naira depreciation, and higher export volumes—particularly from the Dangote Petroleum Refinery.

According to data from the National Bureau of Statistics on Nigeria’s exports by mode of transport, maritime trade continued to dominate all other means, including air, road, and pipelines. Analysts told The PUNCH that the 12 per cent increase reflects ongoing policy efforts to incentivise exportation and attract foreign exchange inflows.

Exports via maritime transport rose significantly in the first half of 2025. In the first quarter, exports stood at N20.36tn, while the second quarter recorded N22.51tn. In comparison, the first and second quarters of 2024 recorded N19.02tn and N19.25tn, respectively.

The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, attributed the growth to the positive impact of foreign exchange reforms and improved trade incentives.

“The 12 per cent growth in maritime exports in the half-year is a reflection of the fact that the level of export has been increasing largely as a result of reform,” Yusuf explained. “Exchange rate depreciation is a major driver of growth in exports because it makes your exports cheaper, more attractive, and you make more money.”

Yusuf said the Central Bank of Nigeria’s reform under Governor Yemi Cardoso—particularly the unification of exchange rates and liberalisation of the forex market—has provided a significant boost for exporters.

“Under the previous CBN regime, Nigeria had two exchange rates: the official rate, which was N450, and the parallel market, which was about seven hundred and something naira. If you were an exporter who brought in foreign exchange officially, you had to sell it at N450. This meant losing money, and as a result, many exporters were discouraged,” he noted.

“But with the current reform and the unification of the exchange rate, that differential has been removed. Whatever you now bring, you can get full value for it using the prevailing market rate.”

Yusuf also cited the contributions of the Dangote Refinery, particularly through fertiliser and refined petroleum exports. “The refinery is now exporting fertiliser, which is almost number two in non-oil exports, and refined petroleum products. That’s a very valid factor behind the growth,” he said.

He urged the Federal Government to sustain the reforms and deepen support for the private sector.

“We can sustain the reform and continue to support the private sector by creating an enabling environment and improving the structural environment. The macroeconomic environment is better now,” Yusuf stated. “If productivity increases, then of course, we’ll see more rapid growth in all these numbers.”

A supply chain expert, Marcel Mba, described the rise in exports as a positive sign for the economy, noting that exports remain a key source of foreign exchange.

“An increase in exports means more money is coming into the country. The only money a country makes is when it exports, especially finished goods. So, if Nigeria exported more, it means the economy will see an impact,” Mba said.

He, however, cautioned that the broader effect would depend on the country’s trade balance.

“If exports grew by 12 per cent and imports reduced, then we are making progress. But if imports grew faster, then it would become a negative balance. We need to go into details to verify this, especially considering that the Dangote Refinery alone can contribute that percentage,” he added.

Mba further explained that with the refinery now exporting refined petroleum products and fertiliser, Nigeria could expect continued growth in maritime exports and a possible strengthening of the naira if the trend continues.

According to a BusinessDay report in May, Aliko Dangote, President of Dangote Industries Limited, revealed that “in the next two years, we will be exporting about 16,000 tons of fertiliser. That’s about $6.5m to $7m revenue that will be coming into the country on a daily basis.”

Similarly, a Nairametrics report in July quoted Aliyu Suleiman, Chief Strategy Officer at Dangote Industries Limited, as saying that the company plans to more than double its fertiliser production capacity and expand across Africa.

Both Yusuf and Mba maintained that the performance highlights the importance of export-led growth for Nigeria’s economy and called for consistency in implementing reforms.

“The growth means that, barring any foolishness, the naira is going to grow stronger. So, it’s a positive,” Mba concluded.

Earlier in March, The PUNCH reported that goods exported via maritime transport exceeded imports in the same category by 39.76 per cent in 2024, marking a major turnaround and signalling renewed investor confidence in Nigeria’s external trade environment.