In the first quarter of 2024, ports in Nigeria’s South-South region experienced varying results in their export and import activities. Analyzing the foreign trade data from the first quarter of 2024 revealed that while these ports saw an increase in import transactions, they lost some export transactions to other ports in the country.
The performance of South-South ports in Q1 2024 was compared to the same periods in 2022 and 2023 to observe any potential shifts in foreign trade activities from the congested Apapa Ports in Lagos State to other ports across the nation.
The South-South ports involved in Nigeria’s export and import trade include Onne and Area 1 in Rivers State, Warri in Delta State, and Calabar Port in Cross River State.
Our analysis indicates that the volume of export activities at South-South ports in Q1 2024 declined compared to Q1 2022 and Q1 2023.
It is important to note that Nigeria’s total foreign trade at the end of Q1 2024 increased by 145.6% to N31.81 trillion, compared to N12.95 trillion in March 2023. Total imports at the end of Q1 2024 amounted to N12.64 trillion, up from N6.47 trillion in March 2023, reflecting a 95.53% increase in import business year-on-year.
Exports totaled N19.17 trillion at the end of Q1 2024. In the same period in 2023, total exports were N6.49 trillion, indicating a 195.5% increase in export performance in Q1 2024 over Q1 2023.
The trade data reveals that Nigeria recorded a positive trade balance of N6.52 trillion as of March 2024, compared to a positive trade balance of N20.94 billion as of March 2023.
Examining the reference periods of Q1 2022, Q1 2023, and Q1 2024, Port Harcourt Port at Onne handled 4.70% of the nation’s export business in Q1 2022; 2.32% in Q1 2023, and 1.41% in Q1 2024.
The second Port Harcourt Port in Area 1 managed 0.06%, 0.12%, and 0.10% of the nation’s export business in those periods, respectively.
Calabar Port conducted 0.07% of total export activities in Q1 2023, with negligible shares in the other two periods. Warri Port executed 0.03% of export activities in Q1 2024, with minimal shares in the other two periods.
When combined, the four South-South ports handled 4.77% of total export business in Q1 2022, 2.51% in Q1 2023, and 1.54% in Q1 2024, showing a declining trend.
In contrast, progress was made in the import segment. The share of South-South ports in Nigeria’s import transactions rose to 12.36% in Q1 2024 from 11.54% in Q1 2023.
In Q1 2024, Onne Port accounted for 7.84% of the nation’s import business. Area 1 Port accounted for 1.62%, while Warri Port accounted for 2.90%, bringing the combined share of South-South ports to 12.36% in Q1 2024.
In Q1 2023, Onne Port executed 6.43% of the nation’s import business, while Port Harcourt Area 1 Port handled 2.55%. Warri and Calabar ports executed 1.38% and 1.18% of the nation’s import business, respectively.
This indicates that in Q1 2023, South-South ports executed 11.54% of the nation’s import business. However, in Q1 2022, their share was negligible compared to the total import transactions recorded nationwide.
Apapa Port in Lagos State remained the most utilized port in the country during Q1 2022, Q1 2023, and Q1 2024.
In Q1 2024, Apapa Port accounted for 94.29% of Nigeria’s exports, 93.56% in Q1 2023, and 92.28% in Q1 2022.
For imports, Apapa Port accounted for 58.45% in Q1 2024, 64.04% in Q1 2023, and 60.77% in Q1 2022.
