A major shift is taking place in the Nigerian tanker sector that is seeing the market increasingly consolidate into the hands of a small number of growing players.
Nigeria’s tanker fleet was developed as a result of the country’s Coastal and Inland Shipping Act (CISA), a cabotage-like initiative launched in the late 1990s that only began to gain traction after 2009, when a $150m Cabotage Vessel Financing Fund was set up by the government to facilitate the purchase of ships by private owners.
