Ship Ownership Financing: UBA, NISA Chart Path To Sustainable Maritime Investment

Harboursandport.com: Lagos, Nigeria - October 29, 2026: Stakeholders at the Shipping Correspondents Association of Nigeria, SCAN, Annual Summit 2026 have called for strategic partnerships to unlock low-risk capital and eliminate regulatory bottlenecks choking indigenous shipowners. The call was made by key maritime and financial industry leaders who emphasized that fixing these hurdles is vital to expanding Nigeria's blue economy and keeping maritime revenues within the country.

The Regional Manager, Apapa 2, United Bank for Africa, UBA, Nelson Edoye; Ex-NIMASA DG, Temisan Omatseye; President, Shipping Correspondents Association of Nigeria, SCAN, Moses Ebosele; Representative of the Minister of Marine and Blue Economy, Anastasia Ogbonna; Representative of Olisa Agbakoba, Akunne JohnPaul and the Representative of the DG, Nigerian Ports Economic Regulatory Agency (NPERA), Ify Okolue at 2026 SCAN annual summit held in Apapa on Thursday.

The event, themed "Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks," brought together top regulators, financial institutions, and ship operators. 

Participants collectively agreed that local players possess the necessary expertise but are severely limited by a lack of patient capital and high financing costs.

Speaking at the event, the Group Managing Director of United Bank for Africa, UBA Plc, Oliver Alawuba, described the maritime sector as a cornerstone for economic diversification, job creation, and national prosperity. His goodwill message was delivered at the summit by Nelson Edoye, UBA’s Regional Manager for Apapa.

Alawuba noted that despite the immense opportunities in the sector, local ship operators still face heavy constraints. He identified the twin challenges of accessing long-term, patient capital and navigating complex regulatory frameworks as the primary hurdles slowing down indigenous growth.

To bridge the gap, the UBA chief called for a deliberate, structured partnership between the financial sector, regulatory bodies, and industry stakeholders. He explained that a collaborative approach is the only way to effectively de-risk the maritime value chain and make it attractive to lenders.

Highlighting UBA’s footprint across 20 African nations and global operations, Alawuba stated that the bank thoroughly understands the capital-intensive nature of the shipping industry. He reiterated UBA’s commitment to offering tailored financing solutions, trade facilitation, and advisory services to help local shipowners compete globally.

Echoing the bank's sentiments, the President of the Nigeria Shipowners Association, NISA, Sola Adewumi, stated that access to affordable, long-term financing remains the single largest obstacle to local shipping growth. He lamented that high interest rates and perceived investment risks continue to price local operators out of the market.

Adewumi argued that Nigerian shipowners have the baseline capacity, expertise, and ambition to significantly drive the nation’s maritime economy. However, he warned that without a predictable and transparent regulatory environment, their competitiveness on the international stage will remain severely limited.

The NISA President stressed that building a robust local fleet is not just a corporate goal, but a matter of national economic urgency. He explained that a stronger domestic fleet ensures that maritime revenues are retained locally, which subsequently creates jobs, builds capacity, and strengthens regional trade.

To achieve this turnaround, Adewumi outlined a clear blueprint requiring innovative financing mechanisms, effective risk-sharing frameworks, and closer collaboration. He urged government agencies, development partners, financial firms, and operators to break down traditional silos and work together.

Adewumi also commended SCAN for creating a vital platform for public dialogue, noting that the media plays a crucial role in highlighting industry pains and promoting actionable solutions. He challenged all summit participants to move past mere talk and focus on measurable, practical steps to make shipowners more bankable.

The summit concluded with stakeholders expressing strong optimism that the insights shared would successfully shape future policies. Both UBA and NISA representatives agreed that empowering local shipowners with sustainable investment will ultimately secure Nigeria's position as a dominant maritime hub.