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

The Shipping Correspondents Association of Nigeria (SCAN) has revealed that foreign operators dominate Nigeria's maritime industry, controlling over 95% of import and export earnings and associated freight revenues. Local shipowners, on the other hand, only hold a measly 4-5% share of the market. SCAN's President, Moses Ebosele, addressed this imbalance during a statement on Monday, while also unveiling plans for the association's upcoming 2026 Summit.

Ebosele highlighted that the summit's primary focus would be on overcoming the financial challenges and regulatory hurdles faced by indigenous shipowners. He emphasized that the high-level event, set to take place in Lagos in October, would aim to develop practical solutions for mobilising adequate funding and creating a more enabling environment to boost Nigerian-owned vessels' participation in both domestic and international waters.

According to Ebosele, the persistent low indigenous participation in Nigeria's maritime sector can be attributed to systemic funding gaps, high interest rates, and regulatory bottlenecks that local fleet operators have had to contend with. The 2026 SCAN Summit will bring together key decision-makers, regulatory bodies, maritime experts, and primary lending institutions to address these issues and find sustainable solutions.

Dr. Olisa Agbakoba, a legal practitioner and Senior Advocate of Nigeria, will deliver the keynote address at the event, while the summit will be chaired by Dr. Temisan Omatseye, the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA). As a Chief Correspondent at Punch Newspapers with over 13 years of experience in entertainment, maritime, and transport sectors, Anozie is well-equipped to cover this significant development in Nigeria's maritime industry.