Shipping Experts Berate Banks, NIMASA Over Slow Pace of Cabotage Vessel Financing Disbursements.
The experts, who spoke at the annual summit of the Shipping Correspondents Association of Nigeria (SCAN), said that regulatory uncertainty continues to drive up investment costs, severely discouraging long-term financial commitments needed to build a robust domestic maritime fleet.
The experts highlighted that Nigeria’s maritime sector urgently requires a stable and transparent operational framework to thrive.
A Maritime Lawyer, Founding Partner, AOL, and former President, Nigeria Bar Association, Dr Olisa Agbakoba, said regulatory uncertainty increases investment costs and discourages long-term financing.
To restore investor confidence and unlock critical funding, Agbakoba called for consistent enforcement of maritime regulations, transparent administrative procedures, clearly defined institutional responsibilities, and a predictable system for administering applicable waivers. Agbakoba said that without proactive intervention from the agency, indigenous operators will continue to lose lucrative opportunities in coastal trade to foreign competitors. He emphasised the need for effective coordination between NIMASA and key government bodies, including the Federal Ministry of Marine and Blue Economy, the Nigerian Ports Authority (NPA), and the Nigerian Ports Economic Regulatory Agency (NPERA). He noted that only an aligned, transparent regulatory environment can ensure timely disbursements and empower local shipowners to drive the nation’s maritime economy.
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