Nigerian Maritime Industry: 2024 in Review

In 2024, the Nigerian maritime industry (the “Industry”) witnessed both highs and lows throughout the year. The year was also characterized by certain significant events including the execution of the Memorandum of Understanding for condition of service in the maritime sector, the signing into operation of six (6) International Maritime Organisation (“IMO”) instruments of accession, the commissioning of the Funtua Inland Dry Port and a more liberalized, market-driven forex regime resulting in currency devaluation. These events (and others) are extensively discussed below. 

This review captures the highlights recorded in the sector within the year 2024 while focusing on anticipated projections for the year 2025 at large.