Nigeria's ports handled 68.2 million tonnes of cargo in the first half of 2026, yet the country ranks 45th in global liner connectivity — behind smaller regional competitors. Professor Bongo Adi, an economist, says the gap is self-inflicted and fixable, and he put a number on the fix: cut cargo clearance from the current 21-day target to seven days.

Adi delivered the warning on Friday in Lagos at the 17th Lecture and Annual General Meeting of the Nigerian Maritime Law Association (NMLA). His core claim: Nigeria is pricing itself out of its own waters, and delays, high risks and legal uncertainty are discouraging carriers, insurers and lenders from investing in the sector.

He described Nigeria's maritime challenge as a failure to convert vast potential into economic gains. Investors, he noted, are drawn by risk-adjusted returns, not opportunities alone. Whether that conversion is achievable under current enforcement conditions is the question the lecture left unresolved.

What does the weakest-link theory say about Nigeria's ports?

Adi applied the O-ring theory of economic development, formulated by Professor Michael Kremer, which holds that competitiveness depends on the strength of interconnected activities, with the weakest link determining the overall outcome. On that logic, the diagnosis has shifted.

Quay infrastructure is no longer the weakest link, Adi said. Apapa, Tin Can and Onne ports have improved their vessel turnaround times compared with ports in Lome, Tema and Abidjan. The constraint now sits elsewhere: delays in cargo clearance.

Shipping companies, insurers and lenders assess Nigeria on three measures, according to Adi: turnaround time, investment risks, and the enforceability of legal agreements. He proposed that the NMLA introduce an annual Maritime Justice and Competitiveness Scorecard from November 2027, supported by a reliable official data system. A scorecard measures performance; it does not change it — Adi offered no mechanism for who acts on the rankings.

He also urged stakeholders to direct funding toward the weakest links in the maritime value chain.

What does the law already provide — and where does it fail?

NMLA President Mike Igbokwe, a Senior Advocate of Nigeria, said Nigeria has an adequate legal framework, particularly the Admiralty Jurisdiction Act, to protect the interests of maritime lenders. The admission that followed carried more weight.

He identified delays in enforcement, prolonged judicial processes and statutory priorities that place mortgage holders at a disadvantage as major challenges. Igbokwe also said the lecture gave stakeholders an opportunity to share perspectives, raise questions and contribute to discussions on the sector's development, and expressed optimism that the deliberations would produce useful outcomes.

What do lenders actually want?

A panel session titled "Bankability of the Nigerian Maritime Industry and What Lenders Really Want" examined the conditions required to attract financing. The moderator, maritime lawyer Ogochukwu Eze, said the discussion should focus on practical factors that encouraged lenders to provide capital, protect cash flows and enforce security in Nigeria.

The panel's checklist was specific:

• Purpose of a vessel's acquisition, its employment contract and the certainty of cash flows for loan repayment (Chibueze Moubuikwu, maritime lawyer)
• Vessel particulars, existing financial obligations, the borrower's credibility, insurance coverage and the enforceability of ship mortgages (Moubuikwu)
• Sponsors' credibility, operators' track records, contract terms, counterparties, vessel age, nationality and insurance arrangements (Moyomade Akinsoye, Division Head, Institutional Banking Group, Sterling Bank Plc)
• Market research, charter commitments, employment plans, technical capacity and predictable cash flows (Ogonnaya Emele, legal counsel at Tere Maritime Ltd.)

Akinsoye said maritime financing is possible but requires careful assessment, particularly because long-term lending involves patient capital. Emele added that shipowners must demonstrate their vessels can generate sufficient revenue to cover operating costs, repay loans and deliver profits.

Financial expert Yewande Sebore, also a lawyer, said bankability depends largely on legal certainty and clarity in financing agreements. Lawyers contribute, she said, through due diligence, assessment of sponsors' credibility, contract reviews and examination of assignment rights and potential obstacles to cash flows.

Retired Admiral Niyi Labinjo of the Nigerian Navy said maritime financing covers vessel acquisition, working capital, maintenance and operations, requiring appropriate financial structures from the outset. He advocated blended financing — commercial banks, development finance institutions and government intervention — to provide concessional lending rates and sustainable funding for shipowners.

What does this change for Nigeria's maritime sector?

Nothing yet, on the evidence of the day: a seven-day clearance target, a 2027 scorecard and a consensus on what lenders want — but no new commitment from the Federal Government. Attendees included Maritime Arbitrators Association of Nigeria President Jean-Chiazor Anishere (SAN), NMLA Secretary Nneka Obianyor, First Vice-President Professor Adewale Olawoyin, member Oluseyi Fajuyogbe, maritime lawyers, agency representatives under the Federal Ministry of Marine and Blue Economy, bankers and students.