Nigeria’s maritime trade booms to $29.9bn amid currency reforms and energy expansion
Nigeria's maritime export sector recorded a significant uptick in the first half of 2025, rising 12 % from ₦38.27 trillion to ₦42.87 trillion, as the nation's policy reforms and industrial capacity pivots begin to bear fruit.
- Nigeria’s maritime exports soared 12 % in the first half of 2025 to US $29.9 billion, driven by foreign exchange reforms and the operational expansion of the Dangote Refinery.
- Analysts credit unified FX rates and private-sector dynamism for boosting export competitiveness.
- Fertiliser and refined petroleum shipments have become key revenue drivers, strengthening Nigeria’s external balance.
- Experts say sustained reforms could solidify the naira and deepen Africa’s regional trade integration.
Converted at an exchange rate of approximately ₦1,435 to the $1, the latter figure equates to around $29.9 billion.
According to the National Bureau of Statistics (NBS), maritime transport remains the dominant mode for Nigeria's external trade, outperforming air, road, and pipeline channels.
The first quarter of 2025 saw export volumes via sea touch ₦20.36 trillion, while the second quarter figures climbed to ₦22.51 trillion. This compares with ₦19.02 trillion and ₦19.25 trillion in the same quarters of 2024.
Analysts attribute this robust performance to the twin impact of foreign-exchange (FX) reforms and an expanded export base, led in part by the strategic operations of Dangote Industries Limited's refinery complex.
Yusuf pointed to reforms at the Central Bank of Nigeria (CBN) under Governor Yemi Cardoso, noting the elimination of the old dual-rate regime (with an official rate of about ₦450 and a parallel market rate of nearly ₦700) as a catalyst for renewed exporter activity.
"Under the previous CBN regime… many exporters were discouraged. 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."
From a pan-African perspective, the trend holds broader significance: Nigeria's shift from dependence on raw commodity exports to value-added manufacturing and processing is beginning to resonate across the region.
As the largest economy in Africa, Nigeria's export resurgence signals an opportunity for neighbouring countries and regional supply chains.
For instance, Dangote's plans to ramp up fertiliser output and expand across Africa have been publicised.
A May 2025 report cited by BusinessDay quoted Aliko Dangote estimating exports of around 16,000 tons of fertiliser, generating roughly $6.5 million to $7 million per day.
Maintaining momentum will require continuity in policy, deeper structural reforms and enhanced private-sector participation.
"We can sustain the reform and continue to support the private sector by creating an enabling environment and improving the structural environment. The macro-economic environment is better now… If productivity increases, then of course we'll see more rapid growth in all these numbers," Yusuf remarked.
Mba concluded on an optimistic note, stating that "the growth means that, barring any foolishness, the naira is going to grow stronger. So, it's a positive."
Indeed, earlier in 2024, The PUNCH reported that goods exported via maritime transport exceeded imports in the same category by 39.76%, a major turnaround and a fresh signal of investor confidence.
For Nigeria and the broader African continent, this export-led trajectory represents not only economic renewal but also a strategic shift in how Africa's largest economy engages global markets.
Cover photo: A tanker discharges crude oil via single-point mooring (SPM) during a ceremony to mark the first delivery of crude oil to the Dangote Industries Ltd. refinery in the Ibeju Lekki district of Lagos, Nigeria, on Saturday, Dec. 9, 2023. [Photo: Benson Ibeabuchi/Bloomberg via Getty Images]
