In his concerted efforts to strengthen Nigeria\u2019s maritime sector, create jobs, and boost indigenous participation in the shipping industry, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola (CON), has announced plans to bring an end to the issuance of waivers under the Coastal and Inland Shipping Act of 2003. <\/p>\n
A press statement issued by Dr. Bolaji Akinola, Media and Communications Adviser to the Minister has revealed.<\/p>\n
The Coastal and Inland Shipping Act, also known as the Cabotage Act, restricts domestic coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels.
\n However, waivers have often been granted to foreign vessels when local capacity is deemed insufficient. Over the years, these waivers have significantly limited the growth of Nigerian shipping companies, depriving them of critical opportunities in the domestic shipping space. <\/p>\n
However, speaking recently while receiving a high-level delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group at the Ministry in Abuja, Minister Oyetola stated his firm resolve to reverse this trend. <\/p>\n
The visit comes on the heels of the formal unveiling of Unity Shipping World (USW), a newly formed joint venture by NNPC Shipping, global maritime giant Stena Bulk, and Nigerian offshore service leader Caverton Offshores Support Group. The joint venture aims to establish a robust tanker operation capable of transporting crude oil, refined products, and LNG within Nigeria, West Africa, and globally. <\/p>\n
\u201cThe era of indiscriminate waivers is coming to an end,\u201d Oyetola declared. \u201cWe cannot continue to undermine our local capacity under the guise of temporary foreign intervention. It is time to build Nigerian tonnage, support Nigerian jobs, and give indigenous operators a fair chance to thrive. That is the only sustainable path to maritime development.\u201d <\/p>\n
As part of this renewed focus on indigenous capacity, the Minister had earlier directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately commence the process that will lead to the disbursement of the Cabotage Vessel Financing Fund (CVFF). The fund, which has accumulated over the years from Cabotage levies, is intended to assist Nigerian shipowners in acquiring vessels and enhancing their operational capacity. <\/p>\n
\u201cThe disbursement of the CVFF is no longer optional \u2014 it is imperative,\u201d Oyetola stated. \u201cOur indigenous operators must be empowered to acquire modern vessels and effectively render services that have, for too long, been dominated by foreign shipping concerns. As we work to bring the waiver regime to a close, this support becomes even more critical.\u201d <\/p>\n
The Minister also reiterated his commitment to launching a national shipping carrier through a Public-Private Partnership (PPP) model \u2014 an initiative that will position Nigeria as a dominant maritime force in the region. <\/p>\n
Also speaking during the visit, the CEO of Caverton Offshore Support Group, Bode Makanjuola, described the joint venture between his company, Stena Bulk and NNPC Shipping as a game-changer for Nigeria\u2019s maritime industry. <\/p>\n
He said the newly formed Unity Shipping World (USW) will deliver efficient, reliable, and sustainable maritime transport services. According to him, the company will focus on building a modern fleet, acquiring both new and existing vessels, and optimizing cost and operational efficiency. <\/p>\n
He said USW\u2019s fleet is expected to primarily support NNPC\u2019s logistics requirements, while also catering to the broader energy sector, including other oil producers and traders. <\/p>\n
He emphasized the company\u2019s focus on sustainability, safety, and long-term value creation, highlighting the importance of building capacity for Nigerian seafarers. <\/p>\n
\u201cThis partnership is the culmination of extensive planning and shared vision,\u201d said Makanjuola. \u201cIt combines local expertise with international best practices to create a maritime powerhouse. Unity Shipping World will proudly fly the Nigerian flag and play a critical role in training and empowering Nigerian seafarers.\u201d <\/p>\n
Managing Director of NNPC Shipping, Panos Gliatis, said, \u201cWith this strategic alliance, we are enhancing domestic refining, imports, and exports \u2014 reinforcing Nigeria\u2019s pivotal role in global energy logistics,\u201d Gliatis said. <\/p>\n
Stena Bulk\u2019s President & CEO, Erik H\u00e5nell, echoed the sentiments, noting that the venture aligns with his company\u2019s goals. <\/p>\n
\u201cWe are committed to operational excellence and expanding into key energy markets,\u201d H\u00e5nell stated. \u201cThis partnership supports our long-term strategy while advancing Nigeria\u2019s energy and shipping landscape.\u201d <\/p>\n
PHOTO: L-R: Director, Maritime Safety and Security, Federal Ministry of Marine and Blue Economy, Mr. Babatunde Bombata; Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; Permanent Secretary, Federal Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola; Chief Executive Officer, Caverton Offshore Support Group, Mr. Olabode Makanjuola; Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola (CON); Chief Executive Officer, Stena Bulk, Mr. Erik Hanell; Managing Director, NNPC Shipping Limited, Panos Gliatis and Chief Operating Officer, Caverton Offshore Support Group, Mr. Rotimi Makanjuola, when the officials of Caverton, Stena Bulk and NNPC Shipping visited Oyetola in his office in Abuja, recently.<\/p>\n","protected":false},"excerpt":{"rendered":"
In his concerted efforts to strengthen Nigeria\u2019s maritime sector, create jobs, and boost indigenous participation in the shipping industry, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola (CON), has announced plans to bring an end to the issuance of waivers under the Coastal and Inland Shipping Act of 2003. A press […]<\/p>\n","protected":false},"author":2,"featured_media":7785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-7784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-stories"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=7784"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7784\/revisions"}],"predecessor-version":[{"id":7786,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7784\/revisions\/7786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/7785"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=7784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=7784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=7784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}