Report Published: "Nigeria Shipping Report Q2 2015"

From: Fast Market Research, Inc.
Published: Fri Feb 20 2015

Nigeria's biggest ports are set for modest growth in 2015, with the Port of Lagos forecast to grow 2.0% year-on-year (y-o-y), which is slightly below growth rates at the ports of Harcourt and Tincan Island (2.5% and 2.4%, respectively). Meanwhile, the Port of Sapele is leading the way in terms of y-o-y growth, with 3.0% growth expected.

Nigerian seaports registered a 12.5% year-on-year (y-o-y) rise in cargo throughput to 22.3mn metric tonnes in Q314, compared to 19.8mn metric tonnes in Q313, according to the Nigerian Ports Authority (NPA). This bodes well for the Nigerian shipping industry going forward. In the reported period, the seaports posted a 41.7% y-o-y rise in general cargo throughput to 4.21mn metric tonnes, while a 0.6% y-o-y and a 5.8% y-o-y increase was recorded in dry bulk cargo and liquefied natural gas (LNG) volumes to reach 2.6mn metric tonnes and 5.1mn metric tonnes respectively. The total gross registered tonnage reached 38mn metric tonnes in the same period, up 9.8% y-o-y, compared with 34.6mn metric tonnes during the same period a year before.

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That said, growth in Nigeria's industry may come in a slower rate than previously expected due to the fact that Nigeria's economic growth rate is expected to slow to 5.6% in 2015, due to the drop in oil prices. Inflation is likely to rise, on the back of an 8% devaluation of the naira in late November. For its mid-term policy, IMF noted that the Nigerian government will have to focus on other sectors than crude oil, such as agriculture, trade and services in order to control growth. 'The authorities fully recognise the implications of this exogenous shock. They have already taken bold measures to counteract lower oil receipts, pressure on the naira, and a fall in reserves,' said IMF's Mission Leader to Nigeria, Gene Leon (Reuters).

Headline Industry Data

* 2015 Port of Lagos (Apapa) tonnage throughput is forecast to increase by 2.0% to reach 24.55mn tonnes.
* 2015 Port of Harcourt tonnage...

The Nigeria Shipping Report has been researched at source and features latest-available data and Business Monitor International (BMI)'s independent forecasting, critically analysing international transport of dry bulk and containers. The report evaluates the global commodities and trade backdrop, alongside in-depth country-specific analysis of trade prospects. The report also contains company profiles covering leading multinational and national shipping companies and analysis of latest industry news, trends and regulatory developments in Nigeria.

BMI's Nigeria Shipping Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the shipping industry in Nigeria.

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