Foreign trade volumes passing through Lagos soars by 9% during the first nine months of 2023

FOREIGN trade volume passing through the two Lagos ports grew by 9% to N37.93trn ($39.74bn) during the first nine months of 2023 from N34.69trn in the previous year according to recent figures just published by the National Bureau of Statistics (NBS).

In a document titled Foreign Trade in Goods Statistics, the NBS also revealed that the value of exports that passed through the Apapa and Tin Can Island ports grew by 19% to N23.08trn ($24.1bn) from N19.39trn during the first nine months of 2022. Similarly, the value of imports through the ports grew year-on-year by 39% to N16.22trn  during the first nine months of 2023 from N11.65trn over the same period in the previous year.

However, the value of trade passing through the Port Harcourt port stood at N632.87bn in the first nine months of 2023, representing a 18.5% decline from the N776.91bn witnessed in the first nine months of 2022. No doubt, these calls will intensify calls for the decongestion of the Lagos ports by dredging the others along Nigeria's Atlantic seaboard.

During the period under review, Tin Can Island Port had the highest growth of 56% with the value of its trade rising to N3.06trn in from N1.96trn the previous year. Apapa Port enjoyed a 20% growth rate with the value of transactions rising to N34.91trn from N29.09trn during the first nine months of 2022.

The NBS report read: “In the third quarter of 2023, the bulk of export transactions were carried through Apapa Port with goods valued at N9.9trn or 95.8% of total exports. This was followed by Tin Can Island Port which recorded N209.55bn or 2.03% of total exports.

"In terms of imports, correspondingly, Apapa Port also recorded the highest number of transactions valued at N5.28trn or 62.44% of total imports.  This was followed by Tin Can Island Port which accounted for goods valued at N1,094.10bn or 12.94% and Port-Harcourt with N591.17bn or 6.99% of total imports.”