Nigeria maritime sector faces low indigenous participation

The Shipping Correspondents Association of Nigeria (SCAN) has announced plans for its 2026 Summit, scheduled for October 29 in Lagos. The event, themed ‘Low-Risk Capital For Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks’, aims to address the significant dominance of foreign operators in Nigeria’s maritime sector.

SCAN President Moses Ebosele reported that foreign entities currently control over 95 percent of the carriage of Nigerian imports and exports, as well as associated freight earnings. In contrast, indigenous shipowners capture only approximately 4 to 5 percent of the market. Ebosele attributed this disparity to systemic funding gaps, high interest rates, and regulatory hurdles.

The summit intends to bring together regulatory bodies, maritime experts, and lending institutions to develop actionable pathways for increasing the capacity of Nigerian-owned vessels in both domestic and international waters.