NPERA's Ukeyima Calls for Reforms to Aid Shipowners

At the Annual Summit of the Shipping Correspondents Association of Nigeria (SCAN) in Lagos, Dr Akutah Pius Ukeyima, the director-general/chief executive officer of NPERA, stated that regulatory reforms, transparent port charges, and predictable business conditions are essential for unlocking affordable capital for indigenous shipowners. He noted that the uncertainty in the maritime business environment increases investment risks and constrains access to finance.

Ukeyima, represented by Ify Okolue, the director of the Consumer Affairs Department, highlighted that without financial capacity, indigenous entrepreneurs cannot compete in international trade. He described indigenous ship ownership as crucial for economic sovereignty and job creation.

Ukeyima pointed out that the capital-intensive nature of shipping makes financing difficult, as financial institutions demand stronger collateral and higher interest rates due to associated risks. He stressed the importance of effective economic regulation in building investor confidence and reducing costs in the shipping sector.