Nigeria Freight Transport Report

Published 13 November 2014

  • 66 pages
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Nigeria Freight Transport Report

There will be strong growth in freight transport volumes in Nigeria in 2015 and beyond. Strong real GDP growth, increasing demand for consumer goods by an expanding middle class and a growing manufacturing sector will all raise intermodal container volumes. The country's ongoing population growth will power this. The growth in demand is driving investment into the sector, with substantial interest not only in developing new ports and expanding old ones, but also reinvigorating the country's dilapidated rail network. Road and air freight infrastructure are also seeing new investment.

Headline Industry Data

  • 2015 air freight tonnes-km forecast to grow by 10.7% and to average 9.6% to 2019.

  • 2015 port of Lagos tonnage throughput is forecast to increase by 5.9% and to average 5.3% to 2019.

  • 2015 rail freight tonnes-km to grow by 7.6% and to average 7.1% to 2019.

  • 2015 trade growth forecast to contract by 6.9% as a result of falling oil prices.

Key Industry Trends

Rail Studies Highlight Sector Growth Potential

Nigeria's rail sector exhibits all of the traits that underpin our view that rail infrastructure across Africa will be a key area of investment. Six planned studies into new rail corridors linking population centres and economic hubs are a key element of the government's economic transformation plan and will boost our already positive forecasts for the rail sector.

Nigerian Port Sector Looking Buoyant

The Nigerian port infrastructure sector looks set to enjoy considerable growth over the coming years after comments from the Minister for Transport highlighted seven potential deep water seaports in the pipeline. Some plans are already well developed, but others add upside to our buoyant port sector forecasts. We forecast 9.9% real growth in the sector over 2014 and will now look to upgrade the average growth rate of the sector over our forecast period up to 2023, which currently stands at 6.7%.

CMA CGM To Invest USD300mn In Lekki...

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Industry Forecast
13
Total Premiums Forecast
13
Total Premiums
13
Table: Total Gross Premiums Written (Nigeria 2011-2018)
14
Net Premiums and Reinsurance
14
Table: Total Net Premiums Written (Nigeria 2011-2018)
15
Table: Total Reinsurance Premiums Written (Nigeria 2011-2018)
15
Total Claims
15
Table: Total Insurance Claims (Nigeria 2007-2013)
16
Total Insurers' Assets
16
Table: Total Insurance Assets (Nigeria 2006-2011)
16
Life Premiums Forecast
17
Life Premiums
17
Table: Gross Life Premiums Written (Nigeria 2011-2018)
18
Life Insurance Claims
18
Table: Life Insurance Claims (Nigeria 2007-2013)
18
Life Insurers' Assets
19
Table: Life Insurers' Assets (Nigeria 2006-2013)
19
Non-Life Premiums Forecast
20
Non-Life Premiums
20
Table: Gross Non-Life Premiums Written (Nigeria 2011-2018)
21
Non-Life Net Premiums and Reinsurance
21
Table: Net Non-Life Premiums Written (Nigeria 2011-2018)
22
Table: Reinsurance Non-Life Premiums Written (Nigeria 2011-2018)
22
Non-Life Claims
22
Table: Non-Life Insurance Claims (Nigeria 2007-2013)
23
Non-Life Insurers' Assets
23
Table: Non-Life Insurers' Assets (Nigeria 2006-2011)
23
Non-Life Sub-Sector Forecast
24
Table: Non-Life % Breakdown (Nigeria 2011-2018)
25
Motor and Transport Insurance
25
Table: Motor Vehicle Insurance (Nigeria 2011-2018)
25
Table: Insurance Key Drivers, Autos (Nigeria 2011-2018)
26
Table: Transport Insurance (Nigeria 2011-2018)
26
Table: Insurance Key Drivers, Freight Tonnage (Nigeria 2011-2018)
27
Property Insurance
27
Table: Property Insurance (Nigeria 2011-2018)
27
Personal Accident and General Liability Insurance
27
Table: Personal Accident Insurance (Nigeria 2011-2018)
28
Table: General Liability Insurance (Nigeria 2011-2018)
28
Industry Risk Reward Ratings
29
MEA Insurance Risk/Reward Index
29
Table: MENA Insurance Risk/Reward Index - Q1 2015
30
Market Overview
31
Life Market Overview
31
Table: Life Market Share, 2011, USDmn (%)
33
Non-Life Market Overview
35
Table: Non-Life Market Share, 2011, USDmn (% of total)
36
Company Profile
38
Leadway Assurance Company
38
Mansard Insurance
41
MMI Holdings
44
Old Mutual
49
Demographic Forecast
53
Demographic Outlook
53
Table: Population Headline Indicators (Nigeria 1990-2025)
54
Table: Key Population Ratios (Nigeria 1990-2025)
54
Table: Urban/Rural Population & Life Expectancy (Nigeria 1990-2025)
55
Table: Population By Age Group (Nigeria 1990-2025)
55
Table: Population By Age Group % (Nigeria 1990-2025)
56
Methodology
58
Industry Forecast Methodology
58
Risk/Reward Index Methodology
61
Table: Indicators
63
Table: Weighting of Indicators
64

The Nigeria Freight Transport Report has been researched at source, and features latest-available data covering commercial transport and logistics by road, rail, air and water; industry forecasts, company rankings covering leading national and multinational operators; and analysis of latest industry trends, opportunities, projects and regulatory changes.

BMI Research's Nigeria Freight Transport Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Nigerian freight transport and logistics industry.

Key Benefits

  • Benchmark BMI's independent freight transport industry forecasts on Nigeria to test other views - a key input for successful budgetary and planning in the strategic freight transport market.
  • Target business opportunities and risks in the Nigerian freight transport sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Nigeria.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs, and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts, views and trend analysis covering freight transport and logistics, regulatory changes, major investments and projects and significant national and multinational company developments.

Industry SWOT Analysis

Analysis of the major strengths, weaknesses, opportunities and threats within the freight transport sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2019 for all key industry and economic indicators (see list below), supported by explicit assumptions plus analysis of key downside risks to the main forecast including:

  • Transport Sector: Total freight carried by road, rail, inland waterways, maritime, air and pipeline (mn tonnes-km/mn tonnes).
  • Trade: Exports and imports (USDmn) by category of goods (manufactured goods, food, chemicals etc.); top five import and export trade partners (USDmn); imports/exports to each global region (USDmn)
  • Port Data: Throughput (‘000 tonnes) for all major ports in the state.
  • Oil Products Prices: Price forecasts for gasoline and aviation fuel (USD/bbl) at all major global energy trading hubs.
  • Economic Indicators: Nominal GDP (USDbn); real GDP growth (%); GDP per capita (USD); industrial production (%); unemployment (%)

Market Overview

Details of the freight infrastructure in each state by segment (road, rail, air, water and pipelines). Full analysis of the competitive landscape within each segment.

Industry Trends and Developments

Analysis of the latest projects across the freight transport sector (road, rail, air, sea and logistics) including a market overview which provides an outline of the key elements driving development.

Political Outlook

The Freight Transport market reports contain a chapter detailing the political outlook of a given region, examining the domestic politics, long-term outlook and foreign policy, and assessing the impact this could have on freight and transport businesses.

Company Profiles*

Examines the short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate company SWOT analyses.

The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Sources

The Freight Transport reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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