Shippers Council, Providus Unity Bank Forge Alliance to Drive Nigeria’s $1trn Economy
By Frontline Reporters
The Nigerian Shippers’ Council (NSC) is deepening its engagement with financial institutions to unlock funding for critical maritime infrastructure and empower businesses as part of efforts to support the Federal Government’s ambitious $1 trillion economy target by 2030.
The Executive Secretary and Chief Executive Officer of the Council, Dr. Pius Akutah, disclosed this when the management of Providus Unity Bank paid a courtesy visit to the Council’s headquarters in Lagos.
Akutah, who described the maritime sector as the backbone of Nigeria’s international trade, said about 90 per cent of the country’s international trade activities pass through the maritime sector. He stressed that an efficient and competitive port system was indispensable to achieving sustainable economic growth.
“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.
The NSC chief also revealed that the Council’s regulatory interventions over the past two years had helped prevent more than $90 billion in potential capital flight arising from excessive cargo-related charges. He said the achievement demonstrated the critical role of effective economic regulation in improving the business environment and retaining value within the Nigerian economy.
While acknowledging the enormous infrastructure assets and opportunities within the maritime sector, Akutah identified inadequate financing and capacity as some of the challenges limiting its full potential. He therefore called for stronger partnerships between regulators, financial institutions and businesses, particularly small and medium-sized enterprises.
“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.
According to him, the Council will establish a platform for sustained engagement with Providus Unity Bank to identify practical areas of collaboration capable of driving investment, expanding access to finance and accelerating growth across the maritime value chain.
Earlier, the Head of Business Development at Providus Unity Bank, Mr. Ernest Elue, said the bank’s visit was aimed at exploring strategic areas of collaboration with the NSC and other stakeholders in the maritime ecosystem.
Elue assured that the bank was prepared to finance capital-intensive maritime projects, including Inland Dry Ports and Vehicle Transit Areas, through tailor-made financing arrangements for project concessionaires.
He added that Providus Unity Bank would also develop flexible financial products to address the needs of corporate organisations, unions and cooperatives operating across the maritime value chain.
The emerging partnership between the NSC and Providus Unity Bank is expected to expand access to capital for critical maritime infrastructure, strengthen SMEs, stimulate investment and enhance the sector’s capacity to serve as a major engine of Nigeria’s economic transformation.
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