Chamber dialogue seeks cargo security, finance to unlock Nigeria’s blue economy
By Aisha Cole
Lagos, Sept. 11, 2026 Stakeholders have demanded guaranteed cargo, cheaper finance and policy clarity to enable Nigerians lead in the marine and blue economy value chain.
Stakeholders made the disclosure at the Nigerian Chamber of Shipping’s public-private dialogue held on Thursday in Lagos
The session was moderated by Mrs Ezinne Azunna.
The Group Vice-President, Oil and Gas, Dangote, Mr Edwin Devakumar, refuted claims that Nigerians were shut out of Dangote Refinery shipping, saying vessel specifications, not bias, determined participation in crude and product lifting.
“The refinery requires vessels of at least 155 metres to fit Single-Point Mooring (SPMs) designed for ULCCs and Suezmax, with three buoys loading gasoline, diesel and jet fuel.
He noted that smaller vessels increased turnaround time and reduced efficiency, urging Nigerian owners to acquire the right capacity to access refinery cargo and grow.
Edwin mentioned port clearance delays during construction as a major challenge, adding that Dangote built its own jetty to avoid demurrage and equipment bottlenecks.
The President , Nigerian Chamber of Shipping, described the Members’ Evening as the first “heart-to-heart” in 26 years, thanking government and industry for reviving dialogue on maritime sector efficiency.
He said that Nigeria’s coastline and cargo offer huge potential, saying that prosperity depends on competitive ships, seamless cargo movement and Nigerian participation across the value chain.
Umar reaffirmed the Chamber’s role since 2002 as Africa’s sole International Chamber of Shipping (ICS) board member, advocating policies that support indigenous shipping and attract investment.
He urged the Nigerian Maritime Administration and Safety Agency (NIMASA), government and private sector to coordinate on infrastructure, regulation and finance to capture value from Dangote and other industrial exports.
In his own contribution, Rear Admiral Nnamdi Ekwom, Chief Staff Officer, Western Naval Command, who represented the Chief of Naval Staff, Vice-Admiral Idi Abbas, at the dialogue focused on efficiency and security in the marine and blue economy.
While he did not speak extensively, his presence signaled Navy’s commitment to safer waterways and support for trade facilitation in Lagos.
In her part, the Managing Director, Starz Investment Company Ltd., Ms Iroghama Ogbeifun, said access to capital was the biggest challenge for indigenous shipowners.
“The Cabotage Vessel Financing Found (CVFF) $25m limit cannot buy Suezmax or VLCC tankers needed for refinery exports.
“Current charter rates are at record highs, but no Nigerian owns vessels in that segment, limiting participation in 900 to 1,800 annual shipments,” Ogbeifun said.
She called on banks and regulators to create financing models beyond CVFF and proposed joint ownership schemes with major investors like Dangote.
Ogbeifun, also Board of Director member in NIMASA, confirmed some Nigerians were lifting products, but stressed that cargo security and bigger funding windows were needed for sustainable participation.
Also speaking Managing Director, Truck Transit Park Ltd., Mr Jama Onwubuariri, warned that foreign trucking companies are taking over haulage in Nigeria and Ghana, threatening local operators and Small and Medium Enterprises livelihoods.
Onwubuariri said that lack of truck parks since 2017 had left highways congested, while regulatory bottlenecks frustrated indigenous invest.
Dr Olisa Agbakoba, SAN,
who helped draft the Cabotage Act, challenged Dangote to lead a national fleet by ordering 100 vessels and applying for national carrier status.
Agbakoba said government would be forced to support such scale, stating cargo protection policy and the need for banks to see guaranteed cargo before lending.
He urged stakeholders to confront regulatory inertia, saying Nigeria produces crude but does not determine who carries it, losing business to foreigners.
Agbakoba said bold private sector action, not endless roundtables, was required to unlock efficiency and compel policy implementation in shipping.
Mrs Jean Chiazor Anishere, SAN, said the Chamber was an advocacy platform ready to work with investors, urging them to bring challenges for collective solutions.
She quoted Edwin’s position that “Nigeria has the cargo, Nigeria has the coastline,” adding that what remains is Nigerian ships, professionals and capital.
Anishere Governing Council Member, NCS, asked Dangote to confirm readiness to give cargo so shipowners could acquire vessels through CVFF and other proposals from the Chamber.
She thanked participants and said the revived Members’ Evening would be used to track commitments and drive actionable outcomes for the sector.
Stakeholders said improved inter-agency coordination with security agencies was vital to reduced delays and protect investments in port and shipping operations.
The Chamber pledged continued engagement with the Navy to ensure a secure and predictable environment for maritime business growth.