The Nigerian Shippers’ Council (NSC) has disclosed that its regulatory interventions over the past two years have successfully prevented over $90 billion in capital flight resulting from excessive cargo-related charges—a development that underscores the impact of effective port economic regulation.
Dr. Pius Akutah, Executive Secretary of the NSC, made this known while announcing the Council’s readiness to broker strategic partnerships to address lingering financing and capacity challenges in the maritime sector.
Infrastructure and Financing Gaps
While acknowledging Nigeria’s significant infrastructure assets, Dr. Akutah observed that the sector still faces financing and capacity challenges, stressing the need for partnerships that combine access to capital with technical expertise.
“We are looking for partners. The SMEs are a very crucial component. We are ready to broker relationships between banks and importers, exporters, and SMEs who have potential to grow the economy,” he added.
He said the Council would create a platform for sustained engagement with Providus Unity Bank to explore practical areas of collaboration that would support investment and growth within the maritime sector.
Bank’s Commitment to Maritime Financing
Earlier, the Head of Business Development at Providus Unity Bank, Ernest Elue, said the visit sought to explore strategic collaboration with the Nigerian Shippers’ Council and other stakeholders in the maritime ecosystem.
He expressed the bank’s readiness to provide financial support for capital-intensive maritime projects, including Inland Dry Ports and Vehicle Transit Areas, through tailored financing solutions for project concessionaires.
Elue added that the bank is committed to designing flexible financial products that will meet the needs of corporate organisations as well as individual members of unions and cooperatives operating within the maritime value chain.
Expected Impact
The proposed partnership is expected to deepen access to finance for critical maritime infrastructure, support small and medium-scale enterprises, and enhance the sector’s capacity to contribute more significantly to national economic development.
