MARITIME STAKEHOLDERS SEEK SOLUTIONS TO SHIP FINANCING CHALLENGES

Stakeholders in Nigeria’s maritime sector have called on the Federal Government to address the financing challenges facing the country’s shipping industry, particularly high borrowing costs and stringent collateral requirements.

They argued that limited access to affordable financing continues to make it difficult for indigenous shipowners and operators to acquire vessels, expand their fleets and compete effectively in the international shipping market.

The stakeholders identified high interest rates, demanding loan conditions and inadequate access to long-term credit as major obstacles to investment in the sector.

They stressed the need for government intervention through policies that would improve access to affordable loans and create a more supportive financing environment for local maritime businesses.

They also called for stronger collaboration between the government, financial institutions and maritime operators to develop sustainable funding options for vessel acquisition and other shipping-related investments.

Improved access to ship financing, they noted, would help strengthen indigenous participation in the maritime industry, create employment opportunities and reduce Nigeria’s dependence on foreign-owned vessels.