By Emmanuella Opara | November 15th, 2026
KEY POINTS
- Nigeria has 307 Nigerian-owned ships against an estimated requirement of 920 vessels by 2030.
- The country’s fleet could grow to only 348 ships by 2030 under the current growth pattern.
- Nigeria’s flag fleet has a capacity of 7.12 million deadweight tonnes, compared with the projected requirement of 21.4 million.
- Annual net transport payments stand at about $4.5bn, according to maritime lawyer Emeka Akabogu.
- Akabogu called for improved vessel financing, local seafarer development and greater indigenous participation in shipping.
MAIN STORY
Nigeria needs to expand its indigenous shipping fleet to about 920 vessels by 2030 to support its ambition of building a $1tn economy, maritime lawyer, Dr Emeka Akabogu, has said.
Akabogu disclosed this while presenting a paper titled ‘Can Nigeria’s Seaports Carry a One-Trillion-Dollar Economy by 2030?’ at the National Conference of the Network of Nigerian Maritime Journalists in Lagos on Friday.
He said Nigeria had approximately 307 Nigerian-owned ships in 2025, but the number could rise to only 348 by 2030 if the current fleet growth pattern continued.
This would leave the country with a shortfall of about 572 vessels against the estimated requirement of 920 ships.
Figures from his presentation also showed that Nigeria’s flag fleet currently has a capacity of approximately 7.12 million deadweight tonnes, compared with the estimated 21.4 million tonnes required to support a $1tn economy.
Akabogu warned that expanding port infrastructure without developing local shipping capacity would leave Nigeria dependent on foreign shipowners to transport its imports and exports.
He argued that the country’s maritime development must go beyond modern ports and efficient cargo clearance systems, stressing that indigenous vessels would be necessary to handle the increased trade volumes expected from a larger economy.
The maritime lawyer called for reforms in the administration of the Cabotage Vessel Financing Fund, recommending that funding should prioritise vessels supported by identifiable cargo contracts and credible crewing arrangements.
He said financing should result in ships that could be deployed for commercial operations rather than arrangements that fail to produce functional vessels.
Akabogu also emphasised the need to train Nigerian seafarers and improve local participation in the shipping industry, noting that fleet expansion would require skilled manpower and a viable operating environment.
He put Nigeria’s annual net transport payments at approximately $4.5bn, warning that continued reliance on foreign shipping companies could allow a substantial share of the revenue generated from expanding trade to remain outside the country.
Earlier at the conference, the Chairman of the Nigeria Union of Journalists, Lagos State Council, Adewale Akodu, urged the Nigeria Customs Service to sustain its reform initiatives.
He identified trade facilitation, intelligence-driven operations, transparency, professionalism and stakeholder engagement as areas requiring continued attention.
THE ISSUES
Nigeria’s shipping capacity presents a major challenge to its ambition of becoming a $1tn economy by 2030.
The projected gap between the 307 vessels currently owned by Nigerians and the 920 estimated to be required highlights the limited capacity of indigenous operators to handle a substantial increase in cargo movement.
The financial implications are also considerable. With annual net transport payments estimated at $4.5bn, dependence on foreign shipping services means Nigeria risks losing a significant share of maritime business revenue to overseas operators.
The challenge extends beyond acquiring vessels. Financing, trained seafarers, cargo availability and the ability to operate ships commercially will determine whether local shipping companies can benefit from increased trade.
WHAT’S BEING SAID
Akabogu’s presentation centred on the need to align shipping capacity with Nigeria’s economic ambitions, particularly through targeted vessel financing and stronger local participation.
WHAT’S NEXT
Attention is expected to focus on how the Federal Government and maritime industry stakeholders can improve access to vessel financing, develop local maritime manpower and expand the indigenous fleet.
The proposed reforms to the Cabotage Vessel Financing Fund could also shape efforts to increase the number of operational Nigerian-owned vessels.
BOTTOM LINE
Nigeria’s ambition of achieving a $1tn economy by 2030 faces a maritime capacity challenge, with the country requiring hundreds of additional indigenous vessels to support projected trade growth and retain more shipping revenue locally.
