Nigeria: Shipowners call on Dangote, others to support domestic fleet development
Nigerian indigenous shipowners have renewed their call for major cargo owners, particularly the Dangote Group, to support domestic fleet development through long-term Contracts of Affreightment (CoAs) covering petroleum products, cement, fertiliser and other bulk commodities. The shipowners hinged their call on the principle of shipping economics: cargo creates trade, trade supports financing,…
Nigerian indigenous shipowners have urged major cargo owners, notably the Dangote Group, to support the development of domestic fleets through long-term Contracts of Affreightment (CoAs) for commodities like petroleum products, cement, and fertiliser. Captain Ladi Olubowale, former president of the Nigerian chapter of the African Shipowners Association, made this call during a Public-Private Dialogue in Lagos.
He emphasized that shipping follows cargo, and providing credible long-term CoAs could enable Nigerian shipowners to acquire vessels and build sustainable fleets. Olubowale also highlighted that foreign-controlled vessels currently handle Nigerian crude and petroleum cargoes, contributing to significant freight revenues.
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