Shipowners Urge Dangote, Major Cargo Owners to Back Nigerian Fleet Development

Indigenous shipowners have called on Dangote Group and other major cargo owners to support the growth of Nigeria’s shipping industry by offering long-term Contracts of Affreightment (CoAs) to qualified local operators.
Former President of the African Shipowners Association, Nigerian chapter, Capt. Ladi Olubowale, made the appeal at a Public-Private Dialogue with Chief Executives organised by the Nigerian Chamber of Shipping in Lagos.
Olubowale said predictable cargo contracts would give Nigerian shipowners the revenue certainty needed to secure financing, acquire vessels and expand their fleets.
He urged Dangote Group, including its refinery, cement and fertiliser businesses, to allocate part of their cargo requirements to credible Nigerian shipping companies through multi-year agreements.
According to him, such contracts could strengthen shipowners’ ability to approach banks, development finance institutions and leasing companies for vessel financing.
Olubowale said there was no structural reason Nigerian companies could not eventually own and operate large commercial vessels, including Suezmax tankers, provided fleet development was linked to cargo availability, financing, technical capacity and long-term employment.
He proposed a model built around four key pillars: cargo, contract, finance and vessel, with government providing the regulatory environment while private-sector operators drive investment.