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Nigeria’s Shipping Industry Soars as Currency Stability Drives Growth

Nigeria’s maritime sector has recorded one of its strongest performances in recent years, posting a remarkable surge in cargo movement on the back of improved economic stability.

According to the Shipping Association of Nigeria, seaport activity rose between 40% and 50% in 2025 compared to 2024, marking a significant rebound for an industry long-strained by volatility and operational bottlenecks.

Chairman of the association, Boma Alabi, attributed the sharp rise in vessel and cargo traffic to the stabilisation of the naira, which has restored confidence among importers, exporters, and shipping operators.

She explained that the steadier macroeconomic environment encouraged more trade flows, with ports witnessing increased numbers of vessels both entering and leaving the country with goods.

Despite the gains, Alabi stressed that port efficiency remains heavily dependent on how well government agencies perform their duties.

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She singled out the Nigeria Customs Service as a key determinant of operational smoothness, noting that delays and inefficiencies ultimately raise costs for manufacturers, traders, and consumers. According to her, a fully efficient port ecosystem can significantly lower the cost of doing business in Nigeria.

Alabi, who also heads the Shipping Agencies, Clearing and Forwarding Employers Association, urged regulatory bodies to improve their processes and intensify investments in critical port infrastructure. She warned that the benefits of the current trade upswing could be eroded if structural challenges are not addressed.

She further criticised the rollout of some government-backed technological systems, saying several of them were introduced without proper testing, leading to disruptions instead of improvements. Technology, she noted, should simplify operations, not complicate them.

Her observations were supported by Amuni Riwan of the Association of Nigerian Licensed Customs Agents, who confirmed that shipping activities have indeed risen significantly this year.

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