Nigeria’s struggle to build a competitive indigenous shipping fleet will take centre stage in October when shipowners, regulators and lenders gather in Lagos to discuss the financing and policy constraints that have left foreign operators dominant in the country’s maritime trade.
The Shipping Correspondents Association of Nigeria (SCAN) said its 2026 summit, scheduled for October 29 at Rockview Hotels, Apapa, will focus on how to improve access to capital for local vessel operators amid persistent complaints about high borrowing costs, limited long-term financing and regulatory obstacles.
The theme of the summit is “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks.”
The discussions come as indigenous operators continue to push for greater access to funding in a sector where vessel acquisition requires significant capital outlay and financing remains scarce. Industry stakeholders have long argued that these constraints have prevented Nigerian-owned companies from taking advantage of cargo generated by Africa’s largest economy.
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Moses Ebosele, president of SCAN, said foreign shipping companies account for more than 95 percent of the movement of Nigeria’s imports and exports, leaving local operators with only a marginal share of the market and the freight earnings attached to it.
According to him, limited access to finance, high interest rates and regulatory bottlenecks remain among the key factors constraining the growth of indigenous shipping companies.
The summit is expected to bring together representatives of government agencies, financial institutions, shipowners and maritime professionals to discuss possible solutions to the industry’s long-standing funding challenges.
Olisa Agbakoba, a Senior Advocate of Nigeria, will deliver the keynote address, while former NIMASA director-general Temisan Omatseye will chair the event.
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Expected participants include Abubakar Dantsoho, managing director of the Nigerian Ports Authority; Dayo Mobereola, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), and Pius Akutah, executive secretary of the Nigerian Shippers’ Council.
Access to finance has become a central issue for Nigeria’s maritime industry as policymakers seek to increase local participation in shipping, reduce dependence on foreign carriers and retain a larger share of freight revenues within the economy.
Bethel Olujobi reports on trade and maritime business for BusinessDay with prior experience reporting on migration, labour, and tech. He holds a Bachelor's degree in Mass Communication from the University of Jos, and is certified by the FT, Reuters and Google. Drawing from his experience working with other respected news providers, he presents a nuanced and informed perspective on the complexities of critical matters. He is based in Lagos, Nigeria and occasionally commutes to Abuja.
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