In the first quarter of 2024, Nigeria’s air transport sector facilitated the export of commodities valued at N55.32 billion.
This data comes from the recently released National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics (Q1 2024) report.
According to the report, the air transport sector facilitated N55.32 billion in exports, representing 0.29% of the total export value of N19.167 trillion in Q1 2024.
Maritime transport dominated with 99.25% of the total exports, valued at N19.023 trillion, while road transport accounted for N30.20 billion (0.16%) and other transport modes recorded N58.65 billion (0.31%).
“Analysis by mode of transport reveals that most commodities exported out of Nigeria were by sea in the first quarter of 2024. Maritime transport accounted for N19,023.19 billion or 99.25% of total exports.
“Air transport accounted for N55.32 billion or 0.29% whereas road transport accounted for N30.20 billion or 0.16%, while other transport recorded N58.65 billion or 0.31%,” the report read in part.
On the import side, the NBS report indicated that air transport accounted for goods valued at N707.56 billion, representing 5.60% of the total import value of N12.643 trillion in the first quarter of 2024.
The maritime sector dominated imports, with N11.905 trillion or 94.17% of the total import value for Q1 2024, while road transport accounted for N30.11 billion or 0.24%.
What you should know
The National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics (Q1 2024) report also provided extensive data on foreign trade for the period between January and March 2024, including the following key highlights:
- In the first quarter of 2024, the total value of imports stood at N12.643 trillion, marking a 39.65% increase from ₦9.054 trillion in Q4 2023 and a 95.53% rise from ₦6.466 trillion in Q1 2023.
- China was the leading import trading partner, followed by India, the United States of America, Belgium, and The Netherlands.
- The most traded import commodities included motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar for sugar refinery, and other liquefied petroleum gases and gaseous hydrocarbons.
- Total exports in Q1 2024 were valued at ₦19.167 trillion, reflecting a 51.00% increase compared to ₦12.694 trillion in Q4 2023 and a 195.47% rise compared to ₦6.487 trillion in Q1 2023.
- The top export trading partners were France, Spain, the Netherlands, India, and the United States of America.
- The most exported commodities were crude oil, liquefied natural gas, sesame seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.
- The bulk of export transactions in Q1 2024 were conducted through Apapa Port, with goods valued at ₦18.073 trillion, accounting for 94.29% of total exports. This was followed by Tin Can Island Port, which recorded ₦708.82 billion or 3.70% of total exports.
- Similarly, Apapa Port recorded the highest number of import transactions, valued at ₦7.391 trillion or 58.45% of total imports, followed by Tin Can Island Port with ₦1.646 trillion or 13.02%, and Port Harcourt (Onne) with ₦991.77 billion or 7.84% of total imports.
