Maritime experts have raised alarm over Nigeria’s continued loss of over $500 million annually due to the absence of a structured and professionally regulated shipbroking framework, describing it as a major gap in the country’s maritime logistics and trade infrastructure.
Speaking during a recent media interaction in Lagos, key industry stakeholders, including captains of the shipping industry and representatives of the Institute of Chartered Shipbrokers (ICS), decried the government’s failure to institutionalise shipbroking practices despite global standards and existing frameworks.
“Unregulated Vessel Chartering Bleeding Nigeria” — Capt. Tami Adu
Capt. Tami Adu, a seasoned maritime expert, blamed the staggering losses on poor compliance monitoring, weak oversight, and the informal nature of vessel chartering practices in Nigeria.
“If the government handed this process to trained shipbrokers, we would ensure every transaction is documented and remitted properly. Right now, what we are losing annually exceeds $500 million,” Adu said.
He explained that shipbrokers are not merely intermediaries between cargo owners and vessel operators but serve as compliance enforcers, technical advisors, and market intelligence providers critical to safe and efficient maritime transactions.
He also lamented the ineffective collection of cabotage tax,a statutory 2% charge on vessel contracts due to lack of enforcement and proper documentation in the chartering process.
Only 40 Certified Shipbrokers in Nigeria — ICS Chairman
The Chairman of the Nigerian Chapter of the Institute of Chartered Shipbrokers (ICS), Mr. Sesan Ajayi, revealed that there are fewer than 40 certified shipbrokers in Nigeria, while untrained and unqualified individuals dominate the space.
“This creates systemic risk and undermines Nigeria’s credibility in international trade. It also weakens our readiness to maximise opportunities under frameworks like the African Continental Free Trade Area (AfCFTA),” Ajayi warned.
According to him, the high logistics cost currently at 23% of Nigeria’s GDP, almost double the global average is directly linked to inefficiencies in shipping and trade logistics, which professional shipbrokers are trained to address.
Ajayi urged the federal government to complement the newly launched Marine and Blue Economy Policy with skilled manpower development and strict regulatory enforcement.
CVFF Dormant for Two Decades — Abdulrasak Arije
Also speaking, senior ICS member Mr. Abdulrasak Arije criticised the prolonged dormancy of the Cabotage Vessel Financing Fund (CVFF), which was created to support indigenous shipowners.
“CVFF was designed to empower Nigerian shipowners to compete within our coastal waters. Unfortunately, it’s remained underutilised for nearly 20 years. The issues range from bureaucratic red tape to trust deficits between regulators and beneficiaries,” he said.
Arije reiterated the ICS’s role as a neutral and professional voice in maritime policy discussions, emphasizing that shipbroking, if properly integrated into Nigeria’s shipping sector, could revolutionise cargo movement, vessel sourcing, and contract transparency.
A Strategic Opportunity in a Growing Sector
With the maritime sector’s contribution to GDP still below 1%, stakeholders argue that shipbroking represents a strategic lever for economic growth.
“If done right, it can reposition Nigeria as a credible maritime hub in West Africa, strengthen investor confidence, and unlock new revenue streams,” said Ajayi.
The experts called on the Ministry of Marine and Blue Economy, the Nigerian Maritime Administration and Safety Agency (NIMASA), and other relevant agencies to institutionalise shipbroking regulations, support local certification pathways, and ensure full integration of professional brokers into Nigeria’s maritime value chain.