By Ajibola Adedoye
It was an atmosphere of reflection, passion, and renewed urgency as PortNews, Nigeria’s pioneering maritime newspaper, celebrated its 30th anniversary at the PortNews Summit 2025, held in Lagos. The milestone event brought together leading maritime stakeholders, shipowners, policymakers, and industry veterans to dissect the theme: “Nigeria’s Shipping Carriage Gaps, CVFF, and the Fading Manpower.”
The summit, chaired by Captain Emmanuel Iheanacho, former Minister of Interior and Chairman of Genesis Worldwide Shipping, featured an incisive lecture by Captain Ladi Olubowale, President of the African Shipowners Association, whose presentation stirred both nostalgia and alarm over the state of Nigeria’s maritime capacity.
Also Read
Speaking with the authority of a seasoned mariner and industry advocate, Captain Olubowale lamented the “crippling gaps” in Nigeria’s shipping carriage and the nation’s diminishing maritime manpower.
“There was a time the green and white flag flew proudly across the oceans,” he recalled, reminiscing on the days of the Nigerian National Shipping Line (NNSL), which once operated 27 ocean-going vessels crewed almost entirely by Nigerians. “Today, we can’t boast of a single national fleet, and our seafarers are fading away.”
He attributed Nigeria’s regression to policy inconsistency, mismanagement, and a lack of strategic foresight.
“The Nigerian Carriage of Goods by Sea Act is outdated,” he stressed. “It fails to recognize multimodal transportation or electronic documentation. We must review it and consider aligning with the Rotterdam Rules, which support modern trade practices and digital documentation.”
Highlighting the economic cost of Nigeria’s weak shipping presence, Captain Olubowale revealed that over 90% of Nigeria’s maritime trade—including crude oil, LNG, and agricultural exports—is carried by foreign-owned vessels, costing the nation billions annually.
Captain Olubowale noted: “In 2013 alone, Nigeria lost over $9 billion in freight earnings to foreign operators. We are cargo owners without shipping power, and that makes us vulnerable to global shocks.”
He urged the government and industry stakeholders to build a new national shipping strategy, emphasizing professional management, corporate governance, and competent leadership over political control.
Turning to the Cabotage Vessel Financing Fund (CVFF), a key talking point of the summit, Olubowale questioned the prolonged delay in disbursing the estimated $800 million–$1 billion fund meant to empower indigenous shipowners.
“We’ve waited too long,” he said bluntly. “Every day the CVFF remains idle, our industry dies a little more. The question is—is the money still there?”
He also raised concerns about the funding model requiring shipowners to provide 50% equity.
“How do you expect a Nigerian company to raise $3.7 million upfront for an $8 million vessel?” he asked. “We need practical funding structures, not impossible expectations.”
Captain Olubowale issued a stark warning about Nigeria’s maritime manpower depletion.
“We have over 5,000 cadets walking the streets, untrained, unplaced, and forgotten,” he lamented. “If we had ships today, 85% of the crew would be foreigners. That’s how deep the capacity gap has become.”
He called for a revival of the cadetship training system, urging NIMASA and private shipowners to invest in manpower development.
“You can’t buy ships when you don’t have people to run them,” he said. “Knowledge must be transferred from our aging maritime veterans before it’s lost forever.”
Looking ahead, Captain Olubowale proposed the creation of a new generation of Nigerian-owned and Nigerian-manned vessels, powered by green and alternative fuels, and integrated within Africa’s intra-continental trade networks.
“If the NNSL gave us pride in the past, the new Nigerian fleet must give us prosperity in the future,” he declared, drawing resounding applause.
In his remarks, Captain Emmanuel Iheanacho echoed many of Olubowale’s concerns. He described Nigeria’s maritime gaps as self-inflicted wounds caused by lack of belief and poor policy execution.
“We once ran ships of global standard,” he said. “What we lack now is not knowledge, but confidence and commitment. The CVFF can work if we apply lessons from the past.”
He advocated for rebranding “cabotage” into “Nigerian shipping development”, making coastal trade a subset of a broader national maritime ambition.
In an emotional reflection, Mr. Wale Oni, Publisher and Editor-in-Chief of PortNews, recounted the publication’s humble beginnings in 1995.
“I printed the first edition with borrowed money,” he said. “But with faith, resilience, and help from friends in the industry, PortNews survived—and today, we celebrate 30 years.”
He thanked industry veterans and institutions who supported the journey and emphasized that the maritime press has played a pivotal role in sustaining public discourse and accountability in the sector.
“PortNews created the genre of maritime journalism in Nigeria,” Oni stated proudly. “For three decades, we have chronicled this industry’s triumphs and trials—and today, we recommit to advocating for progress.”
The summit closed with a resounding call for collaboration between government, financiers, shipowners, and training institutions.
“We cannot keep missing the tide of opportunity,” Captain Olubowale urged. “Let us invest in ships, in people, and in systems that work. The ocean waits for no one.”
As PortNews marks three decades at the helm, the conversation it ignited may well steer Nigeria toward reclaiming its maritime destiny.
Key Takeaways from PortNews Summit 2025
- Nigeria’s Carriage of Goods by Sea Act needs urgent review to align with modern trade standards.
- Over $800 million CVFF fund remains undisbursed—stakeholders demand transparency.
- Nigeria loses billions annually in freight revenue to foreign carriers.
- Over 5,000 cadets remain untrained or unemployed in the maritime sector.
- Industry leaders urge a new Nigerian fleet, powered by innovation and green technology.
For your Press Conferences/ Adverts/Media Consultancy/Support
Contact the Editor via WhatsApp +2348026940472/+2348032339384 or Email: news@dailyinsight.com.ng & shinaayo110@gmail.com