The United Bank for Africa (UBA) Plc has reaffirmed its commitment to supporting indigenous shipowners through tailored financing solutions, trade facilitation and advisory services aimed at strengthening their competitiveness and expanding their participation in Nigeria’s maritime industry.
The bank gave the assurance at the 2026 Annual Summit of the Shipping Correspondents Association of Nigeria (SCAN), held in Lagos on Thursday with the theme, “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks.”
Speaking on behalf of UBA’s Group Managing Director, Mr Oliver Alawuba, the Regional Manager, Apapa 2, Nelson Edoye, said the bank recognised the capital-intensive nature of the shipping business and the need for innovative financing structures to support indigenous operators.
Edoye said the maritime sector remained a major driver of economic diversification, employment generation and national prosperity.
He, however, noted that indigenous shipowners continued to face challenges relating to access to long-term financing and regulatory complexities, stressing the need for stronger partnerships among financial institutions, regulators and industry stakeholders.
According to him, bridging the financing gap requires deliberate collaboration between the financial sector and other stakeholders to create an enabling environment for local operators.
“At UBA, with our presence in 20 African countries and global operations, we understand the capital-intensive nature of shipping and the need for innovative, de-risked financing structures.
“We remain committed to supporting indigenous participation in the maritime value chain through tailored financing solutions, trade facilitation, and advisory services that unlock growth and enhance competitiveness,” he said.
The UBA representative expressed confidence that discussions at the summit would generate practical recommendations capable of influencing policies, attracting sustainable investments and empowering Nigerian shipowners to compete effectively in the international shipping market.
He commended SCAN for consistently providing a credible platform for critical discussions on issues affecting Nigeria’s maritime economy.
Edoye, on behalf of Alawuba, the bank’s management and staff, congratulated SCAN on the successful summit and wished the association an impactful deliberation.
In his welcome address, SCAN President, Moses Ebosele called for affordable financing, regulatory reforms and improved maritime infrastructure to strengthen the capacity of indigenous shipowners.
The summit, themed, “Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks,” brought together stakeholders in the maritime industry to examine the challenges confronting Nigerian shipowners and identify practical solutions to the problems.
Ebosele identified limited access to affordable finance, high vessel acquisition and maintenance costs, multiple charges, administrative bottlenecks and inconsistent policy implementation as some of the major obstacles affecting indigenous participation in the shipping business.
