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

The Shipping Correspondents Association of Nigeria (SCAN) has revealed that foreign operators dominate 95% of Nigeria's import and export earnings, despite the country's vast maritime potential. Local shipowners hold only 4-5% of the market share. At a statement on Monday, SCAN President Moses Ebosele announced that the association has started planning its 2026 Summit, which will tackle the financial challenges and regulatory obstacles hindering indigenous shipowners.

The summit, scheduled for October in Lagos, will focus on the theme, 'Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks'. Ebosele noted that the event would develop practical solutions to mobilize financing and create a conducive environment to boost the participation and capacity of Nigerian-owned vessels in domestic and international waters.

The summit will feature a keynote address by Dr Olisa Agbakoba, a legal practitioner and Senior Advocate of Nigeria, and will be chaired by Dr Temisan Omatseye, the former Director-General of the Nigerian Maritime Administration and Safety Agency.