Nigerian maritime stakeholders, led by the Minister of Marine and Blue Economy, Adegboyega Oyetola, will tomorrow explore solutions to the financial and regulatory challenges confronting indigenous ship ownership, especially issues surrounding the disbursement of the Cabotage Vessel Financing Fund (CVFF).

The summit, being planned by the Shipping Correspondents’ Association of Nigeria (SCAN) at Apapa, Lagos, focuses on the theme, ‘Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks’.

With the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, as chairman, and former President of the Nigerian Bar Association, Dr Olisa Agbakoba, as the keynote speaker, the event is expected to examine practical strategies to improve access to affordable financing and strengthen indigenous participation in Nigeria’s shipping industry.

In view of this, key government officials, maritime regulators, financial institutions and shipowners have already confirmed participation.

Oyetola’s participation comes amid growing calls for improved access to funding and a more enabling regulatory environment to support Nigerian shipowners and expand the capacity of the indigenous fleet.

In a statement, SCAN President, Moses Ebosele, lamented that despite Nigeria’s rich maritime potential, foreign operators have continued to dominate the nation’s maritime domain, controlling over 95 per cent of the carriage of Nigerian imports, exports, and associated freight earnings.

Consequently, local participation remains critically low, with indigenous ship owners capturing only about 4 per cent of the market.

Among the regulators confirmed for the summit are Managing Director, Nigerian Ports Authority, Dr Abubakar Dantsoho, Director-General, Nigerian Ports Economic Regulatory Agency, Dr Pius Akutah, and the Director-General of NIMASA, Dr Dayo Mobereola.