What do you believe is the single most important factor driving up the cost of living in Nigeria?

They stated this on Thursday in Lagos at the 2024 Maritime Finance Conference, organised by the Association of Maritime Journalists of Nigeria in collaboration with Nigerian Liquified Natural Gas Shipping and Marine Services Limited.

The stakeholders added that the move was necessary to propel the Nigerian maritime sector towards becoming a global player.

Speaking on the theme, “Vessel acquisition/construction: Nigerian banks, insurance firms, government, and the blue economy,” the Managing Director/Chief Executive Officer of NSML, Abdulkadir Ahmed, emphasised that access to finance is crucial for the acquisition and construction of ships, which are key to advancing the Nigerian maritime sector on the global stage.

Ahmed noted that the cost of constructing foreign-built vessels had significantly increased over time, rising from $190m to between $270m and $275m per vessel.

“Financing the construction of these complex and advanced vessels involves a mix of financial players, including both local and Korean banks, especially for vessels built in Korea,” he said.

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