• Monday, May 20, 2024
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Container imports into Nigerian ports grows 13.10% in 5 years

FX crisis cripples businesses as port activity slows

The volume of imported containerised goods brought into Nigerian seaports has grown by 13.10 percent in five years to 1,009,312 twenty-foot equivalent units (TEUs) in the past five years, 2017 to 2021, according to the port statistics of the Nigerian Ports Authority (NPA).

The growth shows that despite the two most recent economic recessions in 2016 and 2020, the African biggest economy in the last five years, relied largely on the importation of raw materials, industrial chemicals, and semi-finished as well as finished products to sustain its population and grow the manufacturing sector.

A breakdown of the port statistics shows that the containerised imports, which stood at 806,219 TEUs in 2017 grew by 3.11 percent to 831,314 TEUs in 2018.

It also grew by 7.32 percent to 892,137 TEUs in 2019, 0.03 percent to 892,401 TEUs in 2020, and 13.10 percent to 1,009,312 TEUs in 2021.

Similarly, NPA port statistics show that the export of containerised goods and empties also grew by 111.13 percent to 1,020,511 TEUs in five years’ show.

A breakdown shows that the containerised export which stood at 483,357 TEUs in 2017 declined massively by 64.90 percent to 169,653 TEUs in 2018.

The volume further declined by 17.41 percent to 140,116 TEUs in 2019, grew by 29.47 percent to 181,406 TEUs in 2020, and by 462 percent to 1,020,511 TEUs in 2021.

Also, vessel traffic into Nigerian ports grew by 5.72 percent to 4,100 within the last five years.

According to the NPA, about 3,897 vessels with a gross registered tonnage of 95,190,097 was handled in 2017, about 3,878 ships with a gross registered tonnage of 126,683,956 were handled in 2018, about 3,259 vessels with a gross registered tonnage of 108,923,118 in 2019, about 4,054 vessels with a gross registered tonnage of 127,662,514 in 2020 and 4,100 vessels with a gross registered tonnage of 125,125,787 handled in 2021.

In terms of cargo throughput in metric tons handled within the period under review, 71,535,636 million metric tons of cargo was handled in Nigerian ports in 2017, about 74,677,504 million metric tons handled in 2018, about 81,264,169 million metric tons in 2019, about 80,826,672 million metric tons in 2020 and 79,915,877 million metric tons of cargo handled in 2021.