Nigeria's Shipping Industry Faces Challenges, Urges Support
High interest rates, limited access to long-term financing, and delays in disbursing the Cabotage Vessel Financing Fund (CVFF) are threatening the growth of Nigeria's indigenous shipping industry, stakeholders warned at the 2026 annual summit of the Shipping Correspondents Association of Nigeria (SCAN). They urged the Federal Government, financial institutions, and maritime regulators to address funding and regulatory challenges hindering local shipowners.
The Regional Manager of Apapa at United Bank for Africa PLC, Nelson Edoye, pledged support for indigenous shipowners through tailored financing and trade facilitation. Minister of Marine and Blue Economy, Adegboyega Oyetola, represented by Director of Press Anastasia Ogbonna, stated that NIMASA has been directed to commence CVFF disbursement to qualified beneficiaries and mentioned the launch of a dedicated application portal in January 2026.
Dr Olisa Agbakoba emphasized the need for the government to create conditions for private capital to support shipping projects, advocating for better coordination among maritime agencies and stronger private-sector participation.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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