Shipowners decry regulatory constraints stifling maritime devt

The Nigeria Shipowners Association (NISA) has expressed concern that regulatory hurdles and expensive financing are impeding the expansion of Nigeria's domestic shipping sector. In an address during a Lagos event, NISA President Sola Adewunmi lamented that Nigerian shipowners possess the skills and determination to significantly boost the nation's maritime economy.

However, ongoing regulatory difficulties, high financing expenses and perceived investment risks continue to hamper their capacity to compete effectively in regional and global shipping markets. Adewunmi stressed that addressing these obstacles requires a clear and transparent regulatory regime, creative financing methods and effective risk-sharing frameworks.

He emphasized that a resilient domestic shipping fleet is vital for retaining more maritime earnings within Nigeria, generating jobs, developing local talent and bolstering the country's involvement in regional and international trade. Adewunmi urged policymakers and regulators to guarantee their policies foster the growth and resilience of local shipping businesses, rather than imposing constraints that could diminish their competitiveness.

He pledged NISA's commitment to constructive cooperation with regulators, policymakers and financial institutions to promote policies and initiatives that would make Nigerian shipowners more attractive to investors, competitive and sustainable.