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Stakeholders in the maritime industry have called for private-sector capital, guaranteed cargo and predictable regulation to build indigenous shipping capacity, as the Federal Government begins disbursing the Cabotage Vessel Financing Fund (CVFF).
They spoke at the Shipping Correspondents Association of Nigeria (SCAN) 2026 Annual Summit, held on Thursday in Lagos themed: “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory and Financial Bottlenecks.”
Delivering the keynote address, Dr. Olisa Agbakoba, Senior Advocate of Nigeria (SAN), said Nigeria need not finance every vessel with government money. Instead, it should build a system that attracts private capital through reliable cargo commitments, enforceable shipping contracts and regulatory certainty.
Agbakoba said dependable cargo was essential to making indigenous shipping commercially viable and attractive to lenders.
He called for effective implementation of the Cabotage Act, stronger regulatory coordination and financing structures that combine commercial bank lending, private investment and development finance.
He proposed six priority actions: cargo-backed vessel financing, improved access to cargo for qualified Nigerian shipowners, clearer regulatory procedures, increased private-sector investment, stronger domestic maritime capacity, and a coordinated implementation framework with measurable targets.
The chairman of the occasion, former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barr. Temisan Omatseye, backed a private-sector-led shipping model.
He recommended a special purpose vehicle to pool capital for vessel acquisition and other maritime investments.
Omatseye also asked international oil companies and major cargo owners to commit to multi-year shipping plans, so that shipowners and financiers can develop bankable proposals.
On the cost of capital, he said a liquefied natural gas (LNG) tanker could cost about $250 million, while local lending rates remained around 25 per cent.
Foreign operators, he explained, can access up to 85 per cent financing at low rates, import vessels into Nigeria and operate with a large cost advantage over indigenous owners who face high interest and collateral requirements.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, was represented by Mrs. Anastasia Ogbonna, Director of Media at the ministry. In the minister’s address, Ogbonna said NIMASA began disbursing the CVFF and launched a transparent application portal in January 2026.
According to the address, the number of approved Primary Lending Institutions has been expanded to 12, which should improve access to financing for qualified shipowners who want to acquire vessels and expand fleets. It should also stimulate growth in ship repair, marine engineering and maritime logistics.
The minister urged financial institutions to develop maritime-friendly financing products. He advised shipowners to maintain sound corporate governance, disciplined repayment practices and professional fleet management.
He added that the government is exploring a commercially driven national shipping line through a public-private partnership.
SCAN President, Mr. Moses Ebosele, called for a coordinated national strategy to address inconsistent policies, multiple charges and inadequate maritime infrastructure. He said stronger indigenous shipping capacity would retain more maritime revenue in Nigeria and create jobs.
For the banking sector, Mr. Nelson Edoye, Regional Manager, Apapa, United Bank for Africa (UBA), said the bank remains committed to developing practical financing solutions suited to the capital-intensive nature of shipping.
Otunba Sola Adewumi, President of the Nigeria Shipowners Association (NISA), urged predictable, transparent regulation and innovative risk-sharing frameworks to improve shipowners’ access to long-term financing.
