Nigeria Shipping Report Q4 2014 - New Study Released
Nigerian seaports registered a marginal rise of 0.04% year-on-year (y-o-y) in cargo import and export volumes to 76,886,997mn metric tonnes (mmt) in 2013, compared with 76,855,754mmt in 2012, reports Leadership Nigeria, citing the Nigerian Ports Authority (NPA). However, in the reported period, handling of dry bulk cargo dropped 6.5% y-o-y to 9.5mmt, compared with 10.2mmt in 2012. The ports also recorded a 5.8% y-o-y fall in general cargo handling to 11.96mmt in 2013, compared with 12.7mmt in the year-ago period.
Nigeria officially became Africa's largest economy when the national statistics office released newly-calculated GDP figures on April 6. The figures show that in the new base year of 2010, total output equalled USD358.9bn, a near 60% increase on a previous measure of USD228.4bn. Economic growth since 2010 means that the GDP expanded to reach USD503.8bn in 2013, some 89% greater than the previously reported figure of USD266.2bn and 43.6% larger than the USD350.8bn of output produced by South Africa, Africa's erstwhile largest economy. According to BMI data, the revision made the Nigerian economy the world's 24th largest in 2013, a similar size to Belgium and larger than countries such as Iran, Norway, Thailand and Austria.
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Leading the way in terms of y-o-y growth at Nigerian ports in 2014 will be Port Harcourt, which is the only one of the country's ports set to register double-digit gains during 2014 (we are sticking to last quarter's forecast of 10.47%). The Port of Tincan Island is set to see 4.40% annual tonnage growth, while Nigeria's largest port, Lagos, is pencilled in to see healthy annual growth of 7.70%.
Headline Industry Data
* 2014 Port of Lagos tonnage throughput is forecast to increase by 7.70%.
* 2014 Port Harcourt tonnage throughput is forecast to increase by 10.47%.
* 2014 Port of Tincan Island throughput is forecast to increase by 4.40%.
* 2014 trade growth forecast at 7.75%.
Key Industry Trends
NPA To Restrict Entry Of Vessels:...
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.
* Benchmark BMI's independent shipping industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in the Nigerian shipping market.
* Target business opportunities and risks in Nigeria through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
* Exploit the latest competitive intelligence and company SWOTS on your competitors and peers including multinational and national companies.
BMI Industry View
Summary of BMI's key industry forecasts, views and trend analysis covering shipping, major investments and projects and significant multinational and national company developments.
SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the state's shipping sector, which carefully evaluates the short- and medium-term issues facing the industry.
Analysis of the capacity, terminals and planned development of the major ports in each country, including data on throughput and total tonnage.
Industry Forecast Scenario
Historic data series (2008-2012) and forecasts to end-2018 for all key industry and macroeconomic indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Major port freight throughput (tonnes/teu); overall freight throughput (teu); total imports (US$bn) and exports (US$bn).
Company profiles include business activities, leading products and services, company strategy, trends and developments and economic performance analysis.
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