Bayo Akomolafe 
Despite 62 changes in the exchange rate of naira to dollar in the first quarter of 2025, no fewer than 10.61 billion kilogrammes (10.61 million tonnes) of non-oil cargoes valued at N39.6 trillion have been exported through Nigerian port in the last six months.
The exports were processed by Nigeria Customs Service (NCS) between October 2024 and March 2025 as 5.58 billion kg in Q4’24 and 5.03 billion kg in Q1’25 were processed respectively.
Findings revealed that in the first quarter of 2025, the service processed 8,153 export shipments (SGDs), representing a 6.4 per cent decrease from Q4’24 (8,710 SGDs) and a 24.4 per cent decline from Q1’24 (10,786 SGDs) at Lagos, Tincan Island, Onne and Rivers ports.
Also, export mass reached 5.03 billion kilogrammes, a 10 per cent reduction from Q4’24’s 5.58 billion kg but a remarkable 348 per cent increase from Q1’24’s 1.12 billion kg.
The Cost Insurance and Freight (CIF) value stood at ₦21.51 trillion, showing a 19 per cent increase from Q4’24’s ₦18.07 trillion while remaining stable compared to Q1’24’s ₦21.58 trillion.
According to NCS, the “data clearly suggests Nigeria’s accelerating shift toward bulk commodity exports, with significantly larger shipments being processed through fewer transactions, while maintaining consistent total export value, reflecting both changing trade patterns and improved processing efficiency in our export systems.”
“During Q1’25, we recorded 62 changes in the exchange rate, ranging from a minimum of ₦1,477.72 to a maximum of ₦1,569.53 per USD, with an average rate of ₦1,521.59.
This volatility, though slightly moderated compared to the previous quarter (Q4’24) which saw rates as high as ₦1,688.28, continues to create uncertainty for traders and affects the predictability of import costs.
“The total trade value handled by the service in Q1’25 amounted to ₦36.3 trillion, demonstrating Nigeria’s substantial participation in international trade despite global economic challenges.”
Recall that imports and exports valued at N493.14 trillion with a Cost, Insurance and Freight (CIF) have been processed at the seaports and borders in the last five years. In 2024, it was N196.9 trillion and N70.50 trillion in 2023, leading to 64.2 incease in one year.
The imports with a total of 15.35 billion kilogrammes valued at N60.29 trillion, represent 117.4 per cent increase from ₦27.74 trillion in 2023.
In 2022, the value of Nigeria merchandise trade was N52.9 trillion; 2021, N39.7 trillion; 2020, N25.2 trillion and 2019, N36 trillion. According to the Nigeria Customs Service (NCS), this was achieved through 1. 26 million import transactions.
The higher value recorded despite an 8.2 per cent decrease in transaction volume from the previous year’s 1.38 million transactions indicates a shift towards higher-value goods in our import trade portfolio.
The Comptroller General of Customs, Adewale Adeniyi noted that the country’s export trade performance was impressive, with the total CIF value rising significantly to ₦136.65 trillion in 2024 from ₦42.77 trillion in 2023, marking a 219.5 per cent increase.
While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023 witnessed a substantial increase in export volume, processing 12.35 billion kilogrammes in 2024 compared to 3.70 billion kilogrammes in 2023.
He explained: “This 234 per cent increase in export mass, coupled with the higher value, indicates a robust growth of export trade and suggests increasing competitiveness of Nigerian products in the international market.
“The total trade value handled by the service in 2024 amounted to ₦196.94 trillion, compared to ₦70.50 trillion in 2023, representing a 179.3 per cent increase.
This substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures.
“In line with our pledge to adopt global best practices in trade facilitation, improve operational excellence, and enhance security, I am pleased to report significant progress in implementing these commitments.
The Service successfully implemented various measures to enhance operational efficiency through modern procedures enabled by the new NCS Act.”
Last year, the Nigerian Ports Authority (NPA) said it facilitated 15.23 million metric tonnes or (15.23 billion kilogrammes) of non- oil exports between January 2019 and June 2023 at the various seaport terminals.
The authority’s statistics revealed that in 2019 the seaports recorded about 2.8 million metric tonnes of export; 2020, 3.8 million tonnes; 2021, 3.79 million tonnes; 2022, 5.1 million tonnes and between January and June 2023, 3.5 million metric tonnes.
