Foreign Operators Control 95% of Nigeria's Maritime Earnings

The Shipping Correspondents Association of Nigeria (SCAN) reported that foreign operators control over 95% of Nigeria's maritime import and export earnings, with local participation at a mere 4-5%. SCAN President Moses Ebosele announced plans for a summit in Lagos in October 2026, aimed at addressing financial challenges and regulatory hurdles faced by indigenous shipowners.

The summit will focus on the theme, "Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks," and aims to develop solutions for mobilizing funding and enhancing the capacity of Nigerian-owned vessels. Ebosele attributed the low participation of local shipowners to systemic funding gaps, high interest rates, and regulatory issues.

The summit will gather key decision-makers, regulatory bodies, maritime experts, and lending institutions to create sustainable solutions for local shipowners. Dr Olisa Agbakoba, a Senior Advocate of Nigeria, is set to deliver the keynote address, with the event chaired by Dr Temisan Omatseye, former Director-General of the Nigerian Maritime Administration and Safety Agency.