Boat Operators Seek Soft Loans As FG Approves N14.6bn For Ferry Acquisition

Boat operators have called for increased government support and access to soft loans to strengthen water transportation services, following the Federal Government’s approval of N14.6 billion for the procurement of modern boats and ferries.

The funding, approved through the Ministry of Marine and Blue Economy, is aimed at enhancing passenger and cargo transportation, particularly in riverine states where waterways serve as critical transport routes.

Former Managing Director of the National Inland Waterways Authority (NIWA), Bola Oyebamiji, disclosed that the funds would be used to acquire standard boats and ferries for transporting agricultural produce and passengers in states including Niger, Benue, Kogi, Kwara and Kebbi.

Despite the initiative, operators say rising operational costs and limited access to finance continue to hinder investment in modern vessels and business expansion.

President of the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN), Tope Fajemirokun, urged the government to make part of the approved funds available as soft loans to operators to facilitate the acquisition of safer and more efficient boats.

He noted that soaring fuel prices have placed significant pressure on operators, increasing the cost of water transportation and affecting profitability.

Fajemirokun also called for greater government intervention to support compliance with the directive of the Minister of Marine and Blue Economy to phase out unsafe wooden and banana boats from the nation’s waterways.

According to him, increased investment by federal and state governments would accelerate the development of the sector and improve access to affordable water transportation.

He cited the cost of travel between Badagry and CMS in Lagos, where commuters pay about N5,000 per trip, as evidence that water transportation remains beyond the reach of many Nigerians.

“The high cost of water transportation is discouraging passengers from using the waterways. Governments at all levels need to invest more in the sector to make it affordable and accessible,” he said.

Fajemirokun commended NIWA and the Lagos State Waterways Authority (LASWA) for their efforts to improve safety and security on inland waterways. He also urged operators and passengers to prioritise the use of life jackets during all journeys.

Maritime and tourism expert Frank Meke said while the government’s investment plan is a positive step, more comprehensive measures are needed to unlock the full potential of water transportation in Nigeria.

He identified states such as Kwara, Niger, Benue and Taraba as areas where waterways could provide a cost-effective means of moving agricultural produce and improving market access for farmers.

Meke called on the government to declare a state of emergency in the water transportation sector and provide affordable financing options for operators seeking to modernise their fleets.

He added that investments should also focus on training boat captains, crew members and passengers, while strengthening emergency preparedness ahead of the rainy season.

Industry stakeholders maintain that sustained investment in vessels, infrastructure, safety programmes and operator financing will be crucial to developing a safer, more efficient and economically viable inland waterways transportation system.