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.
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:...