Experts Urge NIMASA to Reform Vessel Financing for Growth

Shipping experts have criticized the Nigerian Maritime Administration and Safety Agency (NIMASA) and commercial banks for creating regulatory uncertainties and imposing stringent lending conditions that stifle indigenous shipping growth. This was discussed at the 2026 annual summit of the Shipping Correspondents Association of Nigeria (SCAN), themed “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks.” Experts highlighted significant financial and regulatory barriers faced by Nigeria's indigenous shipowners, which limit their ability to acquire vessels and compete with foreign operators.

Dr Olisa Agbakoba, a maritime lawyer and founding partner of AOL, emphasized the need for a transparent regulatory framework and better coordination among maritime institutions. He warned that without proactive intervention by NIMASA, indigenous operators risk losing opportunities in coastal shipping.

Agbakoba also urged banks to develop specialized maritime credit expertise to support vessel financing, suggesting a combination of debt, equity, and other financing arrangements to improve access to capital.