Nigeria's Foreign Trade
In the first quarter of 2023, the majority of Nigeria's import-export trade, approximately 90%, took place through various ports and land border posts in Lagos.
According to the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics, the total trade value through Lagos ports reached N10.83 trillion, accounting for 89.9% of Nigeria's total trade worth N12.05 trillion during that period.
The data reveals that exports worth N6.3 trillion, representing 97% of the total exports of N6.49 trillion, passed through Lagos ports. Similarly, imports worth N4.53 trillion, comprising 81.5% of the total imports of N5.56 trillion, were transited through these ports.
Breaking down the trade data by specific customs seaports and land ports in Q1'23, Apapa Port accounted for N6.07 trillion or 93.56% of total exports, followed by Tin Can Island with N199.32 billion or 3.07% of total exports.
Other notable contributors included Murtala Muhammed International Airport with N25.66 billion, Seme Border Post with N4.42 billion, and Tincan Port-2 with trade valued at N2.34 billion.
The other major port of export, outside Lagos, within the period was Onne Port with trade valued at N150.42 billion or 2.32 per cent of total exports.
In terms of imports, transactions through Lagos, Apapa Port also recorded the highest number of transactions valued at N3.56 trillion or 64.04 per cent of total imports, followed by Tin Can Island which accounted for goods valued at N646.99 billion or 11.64 per cent.
Additional ports contributing to the trade figures include PTML Customs Office with N190.86 billion, Murtala Muhammed Cargo with N187.63 billion, Kirikiri Lighter Terminal CMDN with N73.93 billion, and Oil & Gas Terminal with N60.28 billion.
Outside of Lagos, other significant import ports were Onne Port with N357.45 billion, accounting for 6.43% of total imports, and Port Harcourt Area-1 with N142 billion, representing 2.55% of total imports.
Examining the transportation modes, the report highlights that the majority of Nigeria's exports were conducted via sea, signifying the prominence of maritime shipping for outbound commodities.