Nigeria’s maritime exports surged by 12 per cent in the first half of 2025, rising from N38.27tn in the same period of 2024 to N42.87tn. Analysts attribute this growth to foreign exchange reforms, naira depreciation, and higher export volumes, particularly from the Dangote Petroleum Refinery.
Data from the National Bureau of Statistics shows that maritime trade continues to dominate all other modes of export, including air, road, and pipeline. The first quarter of 2025 recorded N20.36tn in maritime exports, followed by N22.51tn in the second quarter, compared to N19.02tn and N19.25tn in the corresponding quarters of 2024.
Dr Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, highlighted the impact of recent forex reforms and trade incentives. He explained that the unification of exchange rates and liberalisation of the forex market has made exports more profitable. “Exchange rate depreciation makes exports cheaper and more attractive, increasing earnings for exporters,” Yusuf said.
The Dangote Refinery has played a crucial role, contributing through fertiliser and refined petroleum exports. Yusuf noted that fertiliser has become the second-largest non-oil export, alongside refined petroleum products.
Supply chain expert Marcel Mba described the rise in exports as a positive sign for the economy, emphasizing that increased exports bring more foreign exchange into the country. He cautioned that the overall impact depends on Nigeria’s trade balance, noting that growth is most beneficial when imports are controlled.
Aliko Dangote, President of Dangote Industries Limited, revealed plans to export around 16,000 tons of fertiliser over the next two years, generating $6.5m to $7m in daily revenue for Nigeria. Aliyu Suleiman, Chief Strategy Officer at Dangote Industries Limited, added that the company aims to double fertiliser production and expand across Africa.
Experts agree that the growth underscores the importance of consistent export-led policies. As Yusuf and Mba noted, sustained reforms and private sector support could strengthen Nigeria’s naira and boost economic stability. Earlier data also shows maritime exports outpacing imports by nearly 40 per cent in 2024, signaling renewed investor confidence and a positive trajectory for external trade.
