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Nigeria Air Freight Market Size (2024 - 2029)

The Nigeria Air Freight Market is projected to experience significant growth over the forecast period, driven by increasing demand for air freight transportation services. Despite challenges such as rising shipping costs and infrastructural issues, the market is expanding, with a notable increase in air freight throughputs. The domestic cargo market presents substantial potential for revenue generation, although it faces obstacles like outdated equipment and bureaucratic inefficiencies. The focus on air cargo has been less pronounced compared to passenger and aircraft movement, indicating a need for enhanced attention to cargo flow and related policies.

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Market Size of Nigeria Air Freight Industry

Nigeria Air Freight Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.01 Billion
Market Size (2029) USD 5.64 Billion
CAGR (2024 - 2029) 13.54 %
Market Concentration Medium

Major Players

Nigeria Air Freight Market Major Players

*Disclaimer: Major Players sorted in no particular order

Nigeria Air Freight Market Analysis

The Nigeria Air Freight Market size is estimated at USD 3.01 billion in 2024, and is expected to reach USD 5.64 billion by 2029, growing at a CAGR of 13.54% during the forecast period (2024-2029).

Air cargo service providers are facing new difficulties as a result of the rising demand for air freight transportation services.

Despite rising freight shipping costs and some related difficulties, Nigeria has seen a significant increase in air freight throughputs.

According to a recent review of studies in Nigerian air transport, the analysis of passenger flow, aircraft movement, and flight operations with an emphasis on safety and security, as well as issues with policy and bilateral agreements, received more deliberate attention than the flow of air cargo. Even though they are not specifically designed for cargo, the majority of airlines rely heavily on them for revenue generation.

The scale of the domestic aircraft cargo market There are signs that the domestic cargo market is worth N40 billion (approx. USD 0.087 billion), from which the airlines and the government stand to profit greatly, even though the government ought to bridge the gap between the volume of air cargo imports and exports in the nation.

However, several issues, including a lack of updated equipment, corrupt immigration officials, and Nigerian customs, are impeding the sustainability of aviation logistics and air cargo lifting by airlines in Nigeria.

Nigeria Air Freight Industry Segmentation

Moving products or consignments by air is known as air freight. The report provides a comprehensive background analysis of the Nigeria Air Freight market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the industry's competitive landscape. Additionally, the COVID-19 impact has been incorporated and considered during the study.

The Nigerian air freight market is segmented by service (forwarding, airlines, mail, and other services), destination (domestic and international), carrier type (belly cargo and freighter), and geography (Asia-Pacific, North America, Europe, the Middle East and Africa, and Latin America).

The report offers market size and forecasts for the Nigerian air freight market in terms of value (USD) for all the above segments.

By Service
Forwarding
Airlines
Mail
Other Services
By Destination
Domestic
International
By Carrier Type
Belly Cargo
Freighter
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Nigeria Air Freight Market Size Summary

The Nigeria air freight market is poised for significant growth, driven by increasing demand for air cargo services despite challenges such as rising shipping costs and infrastructural issues. The market is characterized by a mild fragmentation, with major global players dominating the landscape. The Nigerian government is actively working to enhance the country's air cargo competitiveness by establishing committees to improve cargo infrastructure at airports. This initiative aims to address longstanding obstacles and boost air cargo traffic, positioning Nigeria to better leverage opportunities within the African Continental Free Trade Area. The market's expansion is further supported by advancements in e-commerce and payment gateway services, which have streamlined the exchange of goods and facilitated economic transactions.

Nigeria's air freight sector is also influenced by its strategic position in international trade, with significant passenger flows from the Middle East and Europe contributing to the country's economic landscape. The air transport sector, including airlines and their supply chains, is expected to make a notable contribution to Nigeria's GDP, supported by foreign visitor spending. However, the country faces challenges in customs and border facilitation, as indicated by its rankings in global indices. Despite these challenges, the market is expected to grow steadily, with a focus on implementing fuel-efficient solutions and integrating advanced technologies to meet the rising demand for air freight services.

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Nigeria Air Freight Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

        1. 1.2.1.1 Passenger flows is driving the market

        2. 1.2.1.2 Government Investments for the improvement of air freight is driving the market

      2. 1.2.2 Restraints

        1. 1.2.2.1 Rise in Fuel Prices

      3. 1.2.3 Opportunities

        1. 1.2.3.1 Technological Innovation

    3. 1.3 Government Regulations and Initiatives

    4. 1.4 Supply Chain/Value Chain Analysis

    5. 1.5 Technology Snapshot and Digital Trends

    6. 1.6 Spotlight on Key Commodities Transported by Air

    7. 1.7 Elaboration on Air Freight Rates

    8. 1.8 Spotlight on Heavy Cargo/Project Logistics in the Air Cargo Industry

    9. 1.9 Insights into Key Ground Handling Equipment in Airports

    10. 1.10 Review and Commentary on Standards and Regulations on the Safe Transport of Dangerous Goods

    11. 1.11 Brief on Cold Chain Logistics in the Air Cargo Sector

    12. 1.12 Porter's Five Forces Analysis

      1. 1.12.1 Bargaining Power of Suppliers

      2. 1.12.2 Bargaining Power of Consumers/Buyers

      3. 1.12.3 Threat of New Entrants

      4. 1.12.4 Threat of Substitute Products

      5. 1.12.5 Intensity of Competitive Rivalry

    13. 1.13 Impact of COVID-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Service

      1. 2.1.1 Forwarding

      2. 2.1.2 Airlines

      3. 2.1.3 Mail

      4. 2.1.4 Other Services

    2. 2.2 By Destination

      1. 2.2.1 Domestic

      2. 2.2.2 International

    3. 2.3 By Carrier Type

      1. 2.3.1 Belly Cargo

      2. 2.3.2 Freighter

Nigeria Air Freight Market Size FAQs

The Nigeria Air Freight Market size is expected to reach USD 3.01 billion in 2024 and grow at a CAGR of 13.54% to reach USD 5.64 billion by 2029.

In 2024, the Nigeria Air Freight Market size is expected to reach USD 3.01 billion.

Nigeria Air Freight Market Report Snapshots

Nigeria Air Freight Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)