Indigenous Shipowners are set to convene maritime stakeholders to tackle the financing and regulatory constraints limiting indigenous participation in the nation’s shipping industry. The summit which is being organized by the Shipping Correspondent of Nigeria (SCAN) is scheduled for October 29 at Rockview Hotels, Apapa, Lagos and is themed “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks.” The summit is coming amid the continued dominance of foreign operators, who, according to SCAN, control more than 95 per cent of the carriage of Nigeria’s imports and exports and associated freight earnings. Indigenous shipowners account for only about four to five per cent of the market. SCAN President, Moses Ebosele, blamed the low local participation on funding gaps, high interest rates and regulatory bottlenecks that have made fleet acquisition and expansion difficult for Nigerian operators. He said the summit would bring together policymakers, regulators, lenders, shipowners and maritime experts to develop practical measures for unlocking affordable capital and creating a more supportive regulatory environment for indigenous operators. “Low-risk capital” for shipowners will form a major part of the discussions, with the summit expected to examine financing models and policy interventions capable of strengthening Nigeria’s national fleet. Renowned maritime lawyer and Senior Advocate of Nigeria, Dr Olisa Agbakoba (OON), is expected to deliver the keynote address, while former NIMASA Director-General, Dr Temisan Omatseye, will chair the event. Expected participants also include the Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho; NIMASA Director-General, Dr Dayo Mobereola; and Executive Secretary/CEO of the Nigerian Shippers’ Council, Dr Pius Akutah. SCAN said the summit would seek actionable recommendations to improve access to ship financing, ease regulatory constraints and expand indigenous vessel ownership. The association said stronger local fleet capacity would help retain more freight earnings in Nigeria, create jobs and deepen the country’s participation in the blue economy.
Don't miss out on breaking stories and in-depth articles.
