- The Nigeria Customs Service attributes these achievements to 1.26 million import transactions, indicating a shift towards higher-value goods in Nigeria’s import trade portfolio.
- Import activities accounted for 15.35 billion kilogrammes, valued at N60.29 trillion
- According to NPA statistics, the seaports recorded the following export volumes: 2.8 million metric tonnes in 2019, 3.8 million tonnes in 2020, 3.79 million
Over the past five years, Nigeria’s seaports and land borders have processed transactions worth a total of N493.14 trillion, including Cost, Insurance, and Freight (CIF).
Eko Hot Blog gathered that in 2024 alone, the value reached N196.9 trillion, marking a 64.2% increase from the N70.50 trillion recorded in 2023.
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Import activities accounted for 15.35 billion kilogrammes, valued at N60.29 trillion, reflecting a 117.4% surge from the N27.74 trillion recorded in 2023.
The value of Nigeria’s merchandise trade in previous years was as follows: N52.9 trillion in 2022, N39.7 trillion in 2021, N25.2 trillion in 2020, and N36 trillion in 2019.
The Nigeria Customs Service (NCS) attributes these achievements to 1.26 million import transactions, indicating a shift towards higher-value goods in Nigeria’s import trade portfolio.
Nigeria’s export trade also experienced significant growth, with the total CIF value skyrocketing to N136.65 trillion in 2024 from N42.77 trillion in 2023, marking a 219.5% increase.
Despite a relatively stable number of export transactions (38,199 compared to 38,294 in 2023), there was a substantial increase in export volume, with 12.35 billion kilogrammes processed in 2024 compared to 3.70 billion kilogrammes in 2023.
He explained: “This 234 per cent increase in export mass, coupled with the higher value, indicates a robust growth of export trade and suggests increasing competitiveness of Nigerian products in the international market.
“The total trade value handled by the service in 2024 amounted to N196.94 trillion, compared to N70.50 trillion in 2023, representing a 179.3 per cent increase.
This substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures.
“In line with our pledge to adopt global best practices in trade facilitation, improve operational excellence, and enhance security, I am pleased to report significant progress in implementing these commitments.
The Service successfully implemented various measures to enhance operational efficiency through modern procedures enabled by the new NCS Act.”
Last year, the Nigerian Ports Authority (NPA) reported that it facilitated 15.23 million metric tonnes (15.23 billion kilogrammes) of non-oil exports at various seaport terminals between January 2019 and June 2023.
According to NPA statistics, the seaports recorded the following export volumes: 2.8 million metric tonnes in 2019, 3.8 million tonnes in 2020, 3.79 million tonnes in 2021, 5.1 million tonnes in 2022, and 3.5 million metric tonnes from January to June 2023.
In 2022, $4.8 billion worth of non-oil exports were recorded at the seaports.
The Nigeria Customs Service (NCS) processed 27,595 containers carrying agricultural produce, manufactured goods, and solid minerals for export from the nation’s ports to various destinations in 2024.
From January to June 2024, the Lilypond Export Command alone processed 6,717 containers (Twenty Equivalent Units) of agricultural produce valued at N433 billion ($288.8 million).
The Federal Government projected a significant increase in goods importation through the Lagos, Lekki, Tincan Island, Onne, and other major seaports in November 2024, citing currency depreciation.
The 2025-2027 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) anticipated an increase to N66.90 trillion in 2025, with a slight decline to N65.67 trillion and N65.70 trillion in 2026 and 2027, respectively.
Also, the government forecast foresee a reduction in inflation rate was anticipated in 2026 and 2027 due to the lag effect of tight monetary policy on demand for goods and services as it was expecting lower deficit financing and reduction in supply-side constraints occasioned by a drastic reduction in domestic insecurity, improved infrastructure and generally better operating environment for businesses.
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Also, it explained that waivers, concessions, exemptions, among others would be capped at a percentage of the government’s projected related tax revenue.
It explained: “For 2025, the initial projections are up to N3.22 trillion. This includes tax expenditures on Company Income Tax (CIT), Value Added Tax (VAT), Import Duties (ID), Petroleum Profit Tax (PPT) and Road Infrastructure Tax Credit Scheme (RITCS).
