UN Report: 39% of Nigerian-Owned Vessels Registered Under Foreign Flags Impacting Maritime Sector

A UN report highlights that 39% of Nigerian-owned vessels are registered under foreign flags, indicating a preference for lower taxes and fees. Nigeria's maritime sector, primarily driven by oil, struggles to compete despite efforts to attract owners.

The country's fleet is dominated by oil tankers and offshore support vessels, with a significant portion avoiding Nigerian registration. Nigeria aims to expand its maritime role, but challenges persist in growing its own flagged vessels.