The Nigerian Shippers’ Council (NSC) has commenced discussions with Providus Unity Bank on a strategic partnership aimed at expanding access to finance, closing infrastructure gaps and strengthening the maritime sector’s contribution to Nigeria’s ambition of building a $1 trillion economy by 2030.
The Executive Secretary and Chief Executive Officer of the Council, Pius Akutah, disclosed this when a delegation from Providus Unity Bank, led by its Head of Business Development, Ernest Elue, paid a courtesy visit to the NSC headquarters in Lagos.
Akutah said the Council, in line with its statutory responsibility as the Port Economic Regulator, was committed to improving efficiency, competitiveness and ease of doing business across the nation’s ports and maritime industry.
He described the maritime sector as a critical driver of Nigeria’s economy, noting that it handles about 90 per cent of the country’s international trade.
“We have a Presidential mandate to work with all sectors of the economy to ensure that by 2030 we achieve the Trillion Dollar goal. Without the ports, there will be no sector of the economy”, Akutah said.
NSC Cites $90bn Capital Flight Savings
The NSC boss also highlighted the impact of the Council’s regulatory interventions, saying they had helped prevent more than $90 billion in capital flight over the past two years arising from excessive cargo-related charges.
According to him, the achievement underscores the importance of effective economic regulation in creating a competitive maritime environment capable of attracting investment and supporting national economic growth.
Akutah, however, acknowledged that despite Nigeria’s huge maritime assets and infrastructure potential, financing and capacity constraints remained major challenges to the sector’s development.
He therefore called for partnerships between the Council, financial institutions and private sector operators to combine access to capital with technical expertise.
“We are looking for partners. The SMEs are a very crucial component. We are ready to broker relationships between banks and importers, exporters, and SMEs who have potential to grow the economy”, he said.
He added that the Council would establish a platform for sustained engagement with Providus Unity Bank to identify practical areas of collaboration capable of supporting investment, trade and growth across the maritime value chain.
Bank Targets Dry Ports, Vehicle Transit Areas
Earlier, Elue said the bank’s visit was aimed at exploring strategic areas of collaboration with the Shippers’ Council and other stakeholders within the maritime ecosystem.
He expressed the bank’s readiness to finance capital-intensive maritime projects, particularly Inland Dry Ports and Vehicle Transit Areas, through tailored funding arrangements for project concessionaires.
Elue also said the bank was prepared to develop flexible financial products to meet the needs of corporate organisations, unions and cooperatives operating within the maritime value chain.
The proposed partnership is expected to improve access to finance for critical maritime infrastructure, strengthen small and medium-scale enterprises and enhance the capacity of the sector to contribute to Nigeria’s broader economic development agenda.