Nigeria’s indigenous shipowners have renewed calls for major cargo owners to underpin local fleet growth by committing predictable volumes under long-term Contracts of Affreightment. They singled out the Dangote Group and other large commodity holders as pivotal to creating the steady demand needed for investment in domestic tonnage.
Representatives argued that shipping economics remain straightforward: cargo generates trade, trade supports financing and reliable cargo flows make fleet investment viable. The appeal was framed around securing long-term carriage for petroleum products, cement, fertiliser and other bulk commodities.
Sources published the report on 25 September 2026, relaying the shipowners’ request and the commodities they consider central to a domestic fleet revival. The owners said that linking cargo commitments to Nigerian-flag or locally controlled tonnage would encourage banks and lessors to underwrite newbuilds and rehabilitate vessels.
The case for long-term contracts
Shipowners described Contracts of Affreightment as the practical mechanism for creating predictability in a market often distorted by spot volatility. They emphasised that multi-year CoAs could secure revenues that lenders require when assessing finance for new or upgraded tonnage.
The list of priority cargoes cited includes petroleum products, cement and fertiliser, along with other bulk commodities that form the backbone of domestic and regional trade. Owners contend that these flows, if routed by long-term arrangements, would support scheduling, economies of scale and fleet utilisation.
Expectations from major cargo holders
The appeal targets large integrated commodity groups whose shipping needs are both substantial and recurring. Shipowners named Dangote Group in particular, urging it and similar firms to consider the wider industry benefits of contracting with Nigerian-controlled ships.
They argued such agreements would not only benefit shipowners but also contribute to national objectives by strengthening maritime capacity, reducing exposure to foreign shipping cycles and retaining more of the logistics value chain within Nigeria.
Industry participants noted that predictable carriage arrangements can also reduce supply-chain friction by allowing carriers to plan resources and port calls with greater certainty. That operational steadiness, they said, would in turn improve service reliability for cargo owners and traders.
The shipowners’ plea follows a period in which Nigerian maritime stakeholders have repeatedly raised the issue of fleet renewal and greater participation by domestic operators in coastal and regional trades. They maintain that without committed volumes from large cargo owners, investment and financing will remain difficult to secure.
Policy makers and private-sector executives will likely weigh the commercial trade-offs. For cargo owners, contracting long term may mean foregoing some spot-market arbitrage, while for shipowners the benefit would be enhanced access to capital and better planning horizons.
The report published by reports set out the shipowners’ position and the commodities identified as priorities on 25 September 2026. Whether major cargo owners will respond with multi-year CoAs remains a central question for Nigeria’s push to expand its domestic fleet.