Indigenous Shipping Financing Challenges

High borrowing costs and delays in the Cabotage Vessel Financing Fund are hindering Nigeria's indigenous shipping industry. Stakeholders urge the government to improve funding access and regulatory frameworks to support local shipowners at the 2026 SCAN summit.

The Federal Government has initiated the disbursement of the Cabotage Vessel Financing Fund to support Nigerian shipowners in acquiring vessels and expanding their fleets, as announced by Minister of Marine and Blue Economy Adegboyega Oyetola at a summit in Lagos.

Shipping experts criticized NIMASA and banks for delays in vessel financing that hinder indigenous shipping growth. They called for regulatory reforms and better financial support to enhance Nigeria's shipping industry competitiveness.