Maritime stakeholders in Nigeria have expressed concern over the country’s annual loss of over $500 million due to the lack of a structured, regulated shipbroking system.
They highlighted that unmonitored vessel chartering and the widespread bypassing of international standards compromise revenue collection, vessel safety, and efficiency.
These Experts further emphasized that professional shipbrokers are essential for ensuring compliance, market intelligence, and proper contract execution, but Nigeria has fewer than 40 certified professionals, with many operating informally. While this situation undermines trade reliability, inflates logistics costs currently at 23% of GDP, it hampers Nigeria’s potential benefits from frameworks like the African Continental Free Trade Area.
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