The import of passenger and goods transport ships and boats to Nigeria exhibited significant volatility over the past decade. In 2023, the import value stood at 37.03 million US dollars. Historical data shows drastic fluctuations, such as the 75.28% increase in 2014 and the substantial drop of 81.83% in 2017. Notably, the values peaked in 2016 at 249.04 million US dollars before declining steadily. The compound annual growth rate (CAGR) from 2018 to 2023 was -5.68%, indicating a general downward trend. Further substantial declines are forecasted, with a projected 2028 value of 10.022 million US dollars and a 5-year forecasted CAGR of -20.4%, translating to a total reduction of 68.03% over this period.
Future trends to watch for:
• Reduction in imports could continue if local production capabilities improve.
• Policy changes, including import restrictions or subsidies, may significantly impact future values.
• Global oil prices, economic stability, and investment in infrastructure should be monitored as they can influence import needs.
