OYETOLA, AGBAKOBA, OTHERS TO DISCUSS BARRIERS IN INDIGENOUS SHIPPING

Minister of Marine and Blue Economy Adegboyega Oyetola, legal expert Olisa Agbakoba and other stakeholders are expected to discuss the challenges facing indigenous shipping as efforts continue to strengthen Nigerian participation in the maritime industry.

The discussions are expected to focus on barriers limiting the growth of locally owned shipping companies, including access to finance, regulatory challenges, infrastructure constraints and competition from foreign operators.

Indigenous shipping plays an important role in Nigeria’s maritime economy, supporting the movement of goods, creating employment and providing opportunities for local businesses across the shipping value chain. However, domestic operators have faced challenges that can make it difficult to acquire vessels, maintain operations and compete effectively in international markets.

Access to affordable financing remains a major concern because purchasing and maintaining ships requires substantial capital. High operating costs, limited access to long-term funding and difficulties obtaining suitable insurance can also restrict the ability of Nigerian companies to expand their fleets.

Stakeholders are expected to examine policies and institutional arrangements that could improve the operating environment for indigenous shipowners. These may include strengthening local participation, improving access to funding, streamlining regulatory processes and developing the skills needed to support a competitive maritime industry.

The involvement of government officials, legal practitioners and industry stakeholders could provide an opportunity to consider both policy reforms and practical solutions. Effective collaboration would be essential to ensure that recommendations translate into measurable improvements for local operators.

A stronger indigenous shipping sector could help Nigeria retain more value from its maritime activities, create skilled jobs and reduce excessive dependence on foreign shipping companies.

However, achieving these objectives will require consistent policy implementation, investment in maritime infrastructure and a regulatory framework that encourages local businesses while maintaining international standards.

The planned discussions underscore the importance of addressing structural barriers to indigenous shipping as Nigeria seeks to maximise the economic potential of its marine and blue economy.