Business
Nigerian Ship Owners Decry Govt’s Neglect
Nigerian ship owners
have raised alarm over government neglect of the shipping sector of the economy.
The ship owners, under the aegis of Indigenous Ship owners Association of Nigeria (ISAN), and the government’s inability to match words with action was the main reason why the huge potential of the maritime industry of the economy has not been maximised over the years.
They decried the absence of a virile indigenous maritime sector, which is capable of conserving the nation’s hard earned foreign exchange and boosting employment generation for rapid development of ship owners’ capacities and capabilities, is not high on the current national agenda.
Speaking at ISAN second quarter general meeting in Lagos, ISAN chairman, Chief Isaac Jolapamo, expressed regret that the various recommendations designed to turn the industry around remains unrealisable in view of absence of the approval by President Goodluck Jonathan.
His words, “we have made presentation to the president and the National Economic Management Team through membership of the presidential committee on harnessing the potential of the maritime sector for sustainable development where chaired the cabotage and local content sub-committee in addition to my membership of the business support group representing the maritime sector”.
“Our findings and experience in all of these interactions are mixed on one hand, we have been able to raise the issue of maritime underdevelopment to the highest national governance level. However, on the other hand we have realised that we have a huge task on our hands to ensure we achieve our objective”, the chairman said.
Chief Jolapamo stated that a situation where those who have sacrified a lot to sustain this industry are now languishing in penury while foreigners and their collaborators with none industry players continue to dictate the direction of the sector is absolutely intolerable.
He said the continuous engagement of the highest level of the government by ISAN was hinged on the belief that the association’s practical involvement would lead to policies that are beneficial to its members’ operations.
The ship owners also used the occasion of the meeting to announce a change in the name of their association from ISAN to Nigeria Shipowners Association (NISA) no reason was given for the change of name.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.