Nigeria’s maritime export sector has posted strong growth in 2025, with total export value rising by 12 percent in the first half of the year—from ₦38.27 trillion to ₦42.87 trillion (approximately $29.9 billion)—thanks to sweeping economic reforms and a revitalized industrial base.
According to Business Insider Africa, data from the National Bureau of Statistics (NBS) shows that maritime transport remains the country’s dominant trade channel, far surpassing air, road, and pipeline routes.
Exports by sea reached ₦20.36 trillion in the first quarter of 2025 and climbed further to ₦22.51 trillion in the second quarter, a sharp improvement compared to ₦19.02 trillion and ₦19.25 trillion during the same period in 2024.
Analysts attribute the surge to the combination of foreign exchange (FX) reforms under the Central Bank of Nigeria (CBN) and the growing export capacity of Dangote Industries Limited, particularly its new refinery complex.
The Director of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, told Business Insider Africa that the FX reforms have “made exports cheaper and more attractive,” explaining that the unification of the naira’s exchange rate has eliminated past distortions that discouraged exporters.
Under CBN Governor Yemi Cardoso, the government scrapped the dual exchange rate system—which previously maintained wide disparities between official and parallel market rates—allowing exporters to receive full market value for their earnings.
“The 12 percent growth in maritime exports reflects the positive effects of reform,” Yusuf said.
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The Dangote Refinery has also emerged as a major catalyst for Nigeria’s export expansion.
Economic analyst Malik Yusuf noted that the refinery’s output of fertilizers and refined petroleum products has significantly boosted non-oil export revenue. “The refinery is now exporting fertiliser, which is almost number two in non-oil exports. That’s a very valid factor behind the growth,” he explained.
Supply-chain specialist Marcel Mba echoed this optimism, describing the export surge as a sign of economic progress.
“An increase in exports means more money is coming into the country. If exports grew by 12 percent and imports reduced, then we are making progress,” Mba said, while also calling for detailed trade balance data to assess long-term sustainability.
Beyond domestic gains, Nigeria’s renewed export strength is beginning to shape regional trade dynamics. The country’s shift from raw material exports to value-added production—particularly in manufacturing and energy—has positioned Africa’s largest economy as a new maritime trade hub.
Dangote’s plans to expand fertilizer exports across Africa, estimated at around 16,000 tons generating $6.5 to $7 million daily, underline the continent-wide implications of Nigeria’s industrial strategy.
Experts agree that sustaining this trajectory will depend on consistent policies and continued support for the private sector.
“If productivity increases and reforms are sustained, the naira will continue to strengthen, and we’ll see even faster growth,” Yusuf added.
Earlier reports highlighted that maritime exports surpassed imports by nearly 40 percent in 2024, signaling a turnaround for Nigeria’s trade balance and investor confidence.
As reforms take deeper root, analysts see Nigeria’s export-led recovery as a key driver of broader African economic integration.
