New Transportation market report from Business Monitor International: "Nigeria Shipping Report Q1 2014"
Boston, MA -- (SBWIRE) -- 12/06/2013 -- The short- and medium-term picture for the Nigerian shipping sector appears rosy, with the country's five main ports all projected to have performed well in 2013. Leading the way in terms of year-on-year tonnage throughput is the Port of Tincan Island (10.79%), with Port Harcourt in second place (9.58%) and the Port of Koko in third place (8.33%). This healthy growth is set to continue over our forecast period to 2018 without exception, although we do not expect the huge double-digit growth seen at the Port of Tincan Island between 2007 and 2011.
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The Nigerian economy still faces major headwinds in the crucial oil and gas sector, but other sectors, notably agriculture, have started to pick up again, providing some optimism for the Nigerian shipping sector over the mid-term.
Oil and gas products, which account for over 95% of Nigeria's export basket, are expected to keep the country's current account position strong for the foreseeable future, despite elevated demand for imports.
We are estimating a surplus of 7.6% of GDP in 2013, a slight improvement on the 2012 figure of 7.0%.
Headline Industry Data
- 2014 Port of Lagos tonnage throughput is forecast to increase by 6.70%.
- 2014 Port Harcourt tonnage throughput is forecast to increase by 9.80%.
- 2014 Port of Tincan Island throughput is forecast to increase by 9.74%.
- 2014 trade growth forecast at 7.75%.
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