The export of finished goods, mainly foodstuffs grew by over 80 percent in 2013, according to a report by
Maersk, the core liner shipping business of the
The shipping firm said most non-oil agricultural exports out of
According to the report which was made available to THISDAY, provisional data revealed that
Volumes declined from 11,000 FFE in the second quarter of 2013 to 5,600 FFE in the third quarter. In the last quarter of the year, the export market experienced a 68 percent leap as compared to previous quarter ending the year at 35,000 FFE which is a nine per cent increase when compared with the full year 2012.
It added that high oil prices have boosted national revenues in recent years and this has contributed to some of the trade growth and also helped shore up the foreign reserves of the country in the recent past.
The report quoted the Managing Director of Maersk, Mr. Thomas Thorhauge, saying that the government has done well to keep the naira valuation in check and this is very important to provide the needed stability for trade to flourish.
On a conservative estimate, the import market is expected to grow by around eight percent in 2014, whilst exports from its relatively small base to grow a bit faster. Maersk Line was able to maintain its market leadership ending the year with market shares of 36 percent and 29 percent for import and export respectively.
The firm said the performance in Nigerian ports continues to show progress with investments in key container terminals.
"APMT Apapa initiated the final phase of their expansion plans in increasing cargo handling capabilities and yard space to avoid congestion. APMT also invested
"This paved way for the passage of the 'Maersk Copenhagen' one of our WAFMAX class vessel which has a capacity to carry 4500 TEU to call the port in
According to the report, there is however, still need for further investments in terminal capacity as current
Poor road infrastructure outside the terminals remains a concern and impacted flows in and out of the terminals. However, 2013 saw the resumption of rail movements to the north of the country which was encouraging and shows that potential exist for such means of alternate transport.
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