A maritime stakeholders’ group has raised concerns over the rising cost of boats and related equipment, saying the trend is slowing down investment in water transportation and limiting sector growth.

The group noted that the increasing prices of marine vessels, spare parts, and operational inputs have made it difficult for operators to expand their fleets or replace aging boats. This, they said, is affecting service delivery and passenger capacity across inland waterways.

According to industry operators, the situation is worsened by inflation, foreign exchange pressures, and high import costs, since many components used in boat construction and maintenance are sourced from abroad.

They warned that if the trend continues, it could discourage private sector participation in water transport and slow down efforts to diversify Nigeria’s transport system away from road dependence.

The group called on government authorities to introduce supportive policies, including access to financing, reduced import duties on marine equipment, and incentives for local boat manufacturing.

They also urged stronger collaboration between regulators, investors, and local shipbuilders to develop cost-effective solutions that can improve affordability and boost capacity in the sector.

Stakeholders emphasized that water transport remains a critical part of Nigeria’s transportation ecosystem, particularly in coastal and riverine communities, and requires urgent attention to ensure sustainability and growth.

As discussions continue, operators say addressing cost barriers will be key to unlocking the full potential of the country’s maritime transport system.