Nigeria’s Maritime Fund: 22 years, still no access

Nigeria’s maritime sector is facing a crisis! For over two decades, Nigerian ship owners have been locked out of funds meant to empower them.

Established in 2003 and 2004, respectively, the Cabotage Act and the Cabotage Versus Financing Fund were designed to boost indigenous shipping. Ship owners were mandated to contribute 2-3% of their profits to this fund, with the promise of future access for expansion and business growth.

However, after more than 20 years, these crucial funds remain inaccessible. Despite numerous government directives for disbursement, ship owners are met with evasiveness and unfulfilled promises. This ongoing situation cripples the growth of Nigerian maritime businesses.

What does this mean for Nigeria’s self-sufficiency in maritime trade? Explore the challenges and the urgent need for transparency and action.