A group representing stakeholders in Nigeria’s maritime industry has raised concerns over the financial difficulties confronting local shipowners, saying foreign operators currently control about 95 per cent of the country’s freight business. The group argued that the dominance of foreign shipping companies has limited opportunities for Nigerian operators and weakened the ability of local businesses to build competitive fleets. According to the group, access to affordable and long-term financing remains one of the biggest obstacles preventing indigenous shipowners from expanding their operations and acquiring modern vessels. Shipping is a capital-intensive business, requiring substantial investment in vessels, maintenance, insurance, technology, crew training and other operational requirements. Without adequate funding, many Nigerian companies find it difficult to compete with foreign operators that have stronger financial capacity and access to international credit markets. The group called for urgent government intervention to improve access to maritime financing and strengthen policies designed to promote indigenous participation in the sector. It also stressed the importance of implementing existing local content policies aimed at ensuring that Nigerian businesses benefit more significantly from the country’s maritime and offshore economy. Greater participation by local shipowners, the group argued, could create employment opportunities, support the development of maritime skills and increase the amount of revenue retained within Nigeria. Industry stakeholders have also advocated stronger institutions, better port infrastructure and transparent regulatory processes to create a more favourable environment for domestic operators. The funding challenge comes as Nigeria continues to seek greater control over its maritime resources and expand its role in international shipping. Stakeholders believe that addressing financing constraints would be critical to developing a stronger indigenous fleet and reducing dependence on foreign operators. The group urged policymakers, financial institutions and maritime regulators to work together on practical solutions that would enable Nigerian shipowners to compete more effectively and capture a larger share of the country’s freight market.
