CRFFN Registrar calls for more funding of freight forwarding in Nigeria

The Registrar/CEO, Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Mr. Igwe Kingsley, says lack of funding has incapacitated Nigerian freight forwarders and created a room for well-funded foreigners to dominate freight forwarding sector which is estimated to be worth over $10 billion annually.

To overcome this challenge, the CRFFN Registrar said the sector needs funding because it is capital intensive and, therefore, pleaded to the Minister of Marine and Blue Economy, Adegboyega Oyetola, to consider adequate financial subventions for the sector.

Mr. Igwe Kingsley made the appeal while speaking on behalf of freight forwarders at Citizens and Stakeholders Engagement Forum organised by the Federal Ministry of Marine and Blue Economy purposely to address strategies in funding marine and blue economy infrastructure on Thursday, September 25, 2025 in Lagos.

The theme of the forum was “From Policy to Impact: Financing is Key.”

Earlier in his address, the Minister, Adegboyega Oyetola, said the theme of the forum was both timely and urgently and the task before the ministry is to unlock sustainable finance, unfoil partnerships,  and translate policies into tangible results.

Oyetola said “Our task is, therefore,  to unlock sustainable finance,  unfoil partnerships,  and translate policies  into tangible results. Global technology  can also add the scale  of investment required  to modernise our ports,  strengthen our anti-security,  expand our culture, and bring climate resilience closer to society.”

He, however, challenged stakeholders to suggest better strategies for the funding of the industry infrastructure.

Speaking further,  the CRFFN boss said freight forwarding contributes significantly to the national economy but poorly funded with  an insignificant budget allocation.

“The sector needs funding. It needs finance because the size of freight forwarding, that worths over $10 billion, is capital intensive. The sector contributes significantly to the economy of Nigeria.

“Companies that are providing corporate freight forwarding services in Nigeria are mostly foreign companies. You can count less than three that are local companies that are operating at a corporate level. And statistics have it that over $6-9 billion go to freight forwarding services as capital funds.

“So I want to advocate on behalf of the freight forwarding community that there is a need for a financial subvention to enable freight forwarders to access funds to help them purchase infrastructure (warehouses, etc) that will enable their business to thrive in Nigeria,” he submitted.