Nigerian shipowners urge Dangote Group to support local fleet via long-term contracts

Indigenous Nigerian shipowners are calling on major cargo owners, specifically the Dangote Group, to support the development of the local maritime fleet through long-term Contracts of Affreightment (CoAs). These contracts would cover bulk commodities such as petroleum products, cement, and fertilizer.

During a Public-Private Dialogue organized by the Nigerian Chamber of Shipping in Lagos, Captain Ladi Olubowale, Group Managing Director of Seamate Maritime Integrated Services Limited, argued that predictable cargo contracts are essential for vessel financing. He suggested that instead of waiting for local firms to acquire ships first, the industry should secure cargo and long-term contracts to create the commercial foundation necessary to make vessel acquisition bankable for Nigerian operators.

The dialogue, themed ‘Unlocking Efficiency in the Marine and Blue Economy Value Chain,’ included Edwin Devakumar, Group Vice President of Dangote Group (Oil and Gas), as the guest CEO.