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Nigeria Shipping Report Q1 2012
Business Monitor International, Nov 2011, Pages: 130
The Nigerian shipping sector, in particular the country's ports, is due for rapid growth over the mid term as the country booms on the back of high oil prices and increased stability. The facilities are in need of investment, however, and Nigeria's poor business environment could put off potential investors.
Nevertheless, BMI forecasts a healthy increase in throughput, as international container shipping companies such as Maersk Line increase their coverage of the country. The growing trend of pirate attacks off the West African coastline could also deter some of these firms, however.
Headline Industry Data
- 2012 Port of Lagos tonnage throughput is forecast to increase by 5.9% and to average 5.3% to 2015.
- 2012 Port Harcourt tonnage throughput is forecast to increase by 5.1% and to average 6.7% over our forecast period.
- 2012 trade growth forecast at 6.0% and to average 7.0% to 2015.
Key Industry Trends
Calabar Dredging Held Up By Dubious Tender Process: Planned dredging works on the Calabar River Channel, designed to improve access to the Port of Calabar, located at the river's mouth in the east of Nigeria, have stalled following objections to the awarding of the tender by the Nigerian Ports Authority (NPA). BMI notes the issue is reflective of our poor business environment rating for the West African country.
West Africa Becomes Another Target And East African Pirates Start To Hunt In Packs: Piracy remains an ongoing and mounting problem for the international shipping and maritime sector. Although the Somali pirates continue to dominate the headlines - and still account for the majority of attacks worldwide - the areas they operate in, which encompass the Somali coastline, the Gulf of Aden and Red Sea as well as the wider Indian Ocean region, is by no means the only territory afflicted. West Africa in particular is becoming a trouble zone, and incidents are even on the rise on Lake Victoria and in Singapore's waters.
BMI notes that the attacks are reportedly becoming increasingly audacious as security measures are stepped up, suggesting that the problem needs to be tackled at its root.
APMT To Enhance Container Scanning Procedure At ACT: Danish container terminal operator APM Terminals (APMT) is to enhance container scanning procedures at its Apapa Container Terminal (ACT) at the Nigerian Port of Lagos. The operator will now scan 200 containers a day in association with the Nigerian Ports Authority and Nigeria Customs Service. According to William Ross, business manager at ACT, the move will benefit importers, who will be charged US$65-70 per twenty-foot equivalent unit (TEU) for the transport of containers to and from scanning. APMT has made an investment of US$192mn over the last four years to modernise the ACT.
Key Risks To Outlook
Nigeria's growth outlook is promising over the mid term, although BMI notes that investment in the country's ports is essential and more must be done to tackle the nascent pirate threat in the region. Oil prices, which have remained elevated from the beginning of 2011, are subject to volatility, posing both upside and downside risks to Nigeria, Sub-Saharan Africa's leading crude producer.
Business Monitor International's Nigeria Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Nigeria's shipping industry.
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