Nigerian banks lack capacity to grow the local shipping industry — Mariners

THE hence the need to look at other options for vessel financing in country.

Ihenacho also said that the interest rates charged on loans by Nigerian banks for vessel purchase is the highest compared to other climes adding that until the rates are brought down local ship operators will continue to source funding for vessel acquisition to finance purchase of ships. According to him, the local shipping industry and Nigeria’s Coastal trade is still being controlled by foreigners thereby limiting the opportunities for indigenous players.

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