Nigeria’s vessels value currently stood at $44 million, according to a new report by IndexBox.The report revealed that Kenya, Sierra Leone and Nigeria are leading in Africa’s ship market value, with Sierra Leone topping per capita use.

It revealed that Africa continues to rely heavily on imported vessels to meet its maritime needs, with Nigeria being the top destination for imported vessels, accounting for $26 million, roughly one-quarter of total import value.

However, the total imports across the continent rose to 281 ships in 2024 up 8.5 per cent from the previous year. The IndexBox report forecasts that the continent’s market for ships and ferry-boats – primarily used for transporting people – is expected to reach a valuation of $615 million and 396 units in volume by 2035, supported by modest annual growth in both demand and production capacity.

“Between 2024 and 2035, the market is projected to grow at a compound annual growth rate (CAGR) of 1.1 per cent in unit terms and 2.5 per cent in value, indicating stable long-term potential for vessel suppliers and associated logistics providers operating in Africa,” it stated.

The 2024 data further shows that vessel consumption is concentrated among a few leading countries. “Kenya, Sierra Leone, and Senegal emerged as the top markets by volume, consuming 46, 42, and 35 units, respectively. Collectively, they accounted for 35 per cent of total consumption across the continent.

“Another cluster of countries, including Nigeria, Ghana, Angola, Madagascar, Tanzania, Uganda, and South Africa, made up an additional 27 per cent.
“In terms of expenditure, Kenya led with a total market value of $195 million, followed by Sierra Leone at $142 million, and Nigeria at $44 million.

“Combined, these three nations represented over 80 per cent of total market value, suggesting a concentration of capital deployment in vessel acquisition within a limited number of economies,” it stated.

On domestic shipbuilding, the report stated that modest but consistent Africa’s ship production activities remain relatively limited in scale but are showing signs of consistency.

“In 2024, around 133 ships were produced locally, a slight increase from the previous year. The continent’s average annual production growth over the past decade has remained stable at 1.5 per cent, though output has yet to match the peak of 142 units seen in 2015.

“In value terms, $503 million worth of vessels were produced in 2024, marking a steady gain compared to previous years. From 2013 to 2024, production value grew at an average annual rate of 3.3 per cent, supported by expanding operations in several key manufacturing hubs. Sierra Leone, Kenya, and South Africa accounted for the bulk of production, with a combined share of 65 per cent.

“Other countries contributing to output included Nigeria, Liberia, Tunisia, Botswana, Ghana, Benin, and Angola,” it stated. Noting that Africa still rely heavily on imported vessels, the report revealed that imports were valued at $101 million in 2024, a sharp drop from the $336 million recorded in 2015.

The decline, it stated, reflects both a scaling back in volume and a reduction in average vessel prices.

“Senegal was the leading importer by volume with 36 units, followed by Kenya (18 units), Nigeria (15), and a cluster of countries including Angola, Madagascar, Ghana, and Tanzania, each importing 13 units. These seven countries collectively made up 43 per cent of Africa’s total imports.

“Additional notable importers included Uganda, Côte d’Ivoire, and Congo, which together brought in 28 ships.

“On the value side, Nigeria was the top destination for imported vessels, accounting for $26 million—roughly one-quarter of total import value. Congo and Tanzania followed, with imports worth $6.8 million and $4.8 million, respectively.

“Madagascar stood out as one of the few countries to post consistent import growth over the decade, with a CAGR of 9.1% in import volumes from 2013 to 2024,” it stated.

Among major importers, Nigeria paid the highest average unit price at $1.7 million, while Kenya recorded one of the lowest at just $667 per unit. Other countries fell within this wide pricing range, highlighting the diverse nature of vessel types and procurement approaches across the continent.