Stakeholders Urge Development in Nigeria's Shipping Sector

At the Nigeria Chamber of Shipping's Member’s Evening in Lagos, stakeholders, including Edwin Devakumar, Group Vice President of Dangote Industries Limited, urged for the development of Nigeria's shipping value chain to improve efficiency. They warned that failure to act could allow foreign players to dominate the growing shipping traffic.

Devakumar highlighted the importance of linking vessel acquisition to cargo availability and developing competencies across the shipping value chain. He noted that the Cabotage Vessel Financing Fund (CVFF) should facilitate connections between vessel owners and cargo owners.

Aminu Umar, President of the Nigeria Chamber of Shipping, pointed out that access to capital remains a significant challenge for ship owners, particularly for acquiring large vessels needed by Dangote Refinery. He stated that the CVFF's limit of $25 million per ticket is insufficient for such acquisitions.

Dr. Olisa Agbakoba, founding President of the Nigeria Chamber of Shipping, emphasized the government's role in creating a conducive environment for funding rather than providing loans.