Maritime Experts Decry $500 Million Annual Shipbroking Revenue Loss
Stakeholders in Nigeria’s maritime sector have raised alarms over the country’s staggering loss of $500 million annually in shipbroking revenue. Maritime experts say the lack of indigenous participation and proper regulatory frameworks has led to foreign dominance in areas that could otherwise generate substantial income and employment opportunities for Nigerians.
Speaking at a recent industry forum in Lagos, professionals in the sector lamented that Nigeria’s failure to develop and empower local shipbrokers has created a vacuum, allowing foreign players to control ship chartering, sales, and marine insurance transactions. They stressed that unless urgent measures are taken, the country will continue to lose billions of dollars to external interests.
The President of the Nigerian Shipbrokers Association (NSA), Dr. Akinola Ajayi, described the situation as both “worrisome and avoidable,” calling for strategic investment in capacity building, policy implementation, and industry collaboration. He noted that with Nigeria being a major crude oil exporter and importer of refined products and goods, local shipbrokers should be at the forefront of maritime business negotiations.
Experts further recommended that the federal government enforce the provisions of the Cabotage Act and ensure that Nigerian shipbrokers are prioritized in deals involving local waters. They also urged the Nigerian Maritime Administration and Safety Agency (NIMASA) to work more closely with professional bodies to create platforms for training and certification.
If properly harnessed, shipbroking could become a significant revenue stream and boost Nigeria’s economy, reducing dependency on oil revenues and fostering broader maritime sector development.
