The Federal Government has announced plans to provide Nigerian shipowners with up to $25 million each under a new financing initiative aimed at strengthening the country’s maritime industry.
The funding programme is designed to help local shipowners acquire modern vessels, expand their operations and improve Nigeria’s capacity to participate competitively in international shipping.
The initiative is also expected to support the development of indigenous shipping companies and reduce the country’s dependence on foreign-owned vessels for maritime transportation and trade.
Government officials said strengthening local participation in the shipping sector would create jobs, increase investment and contribute to the growth of Nigeria’s blue economy.
The new funding arrangement is expected to provide shipowners with better access to long-term financing, which has remained one of the major challenges limiting the expansion of indigenous shipping businesses.
