Foreign operators corner 95% of Nigeria’s import, export earnings

Foreign shipping operators continue to dominate Nigeria's maritime sector, controlling more than 95% of the nation's import and export freight earnings, according to the Shipping Correspondents Association of Nigeria (SCAN).

SCAN President Moses Ebosele stated that indigenous shipowners capture only about 4-5% of the market, despite Nigeria's significant maritime potential. This stark imbalance highlights critical issues within the local maritime industry.

To address these persistent challenges, SCAN is organizing its 2026 Summit in Lagos in October. Themed 'Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks,' the event will bring together key decision-makers, regulatory bodies, maritime experts, and financial institutions.

The summit's primary objective is to forge sustainable solutions for mobilizing adequate funding and fostering an enabling environment. This includes tackling systemic funding gaps, high interest rates, and regulatory hurdles that hinder the capacity and participation of Nigerian-owned vessels in both domestic and international waters. Dr. Olisa Agbakoba, a Senior Advocate of Nigeria, is slated to deliver the keynote address, with former NIMASA Director-General Dr. Temisan Omatseye chairing the event.

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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, while local participation remains critically low, with indigenous shipowners capturing only about four per cent to five per cent of the market.