Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced plans to end the issuance of waivers under the Coastal and Inland Shipping Act 2003.
Oyetola made this known on Sunday in a statement by his spokesperson, Dr Bolaji Akinola, following a meeting with a delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore.
This decision aims to strengthen the maritime sector, create jobs, and increase indigenous participation in the nation’s shipping industry.
The Minister made this known following a meeting with a delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore.
Oyetola criticised the long-standing trend of granting waivers to foreign vessels, stating it had hindered the development of local shipping firms and reduced opportunities for Nigerian maritime professionals.
“The era of indiscriminate waivers is ending. We can’t keep weakening local capacity under the guise of temporary foreign assistance.
”It’s time to build Nigerian tonnage, support local employment, and give indigenous operators a fair chance to succeed,” Oyetola said.
To support this policy shift, the Minister instructed NIMASA to begin the disbursement process for the Cabotage Vessel Financing Fund (CVFF).
”This fund is designed to help Nigerian shipowners acquire vessels and expand their operational capabilities.
“As the waiver era ends, supporting indigenous shipowners becomes even more crucial,” Oyetola emphasised.
The meeting also coincided with the official unveiling of Unity Shipping World (USW), a new joint venture by NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group.
This joint venture seeks to develop a strong tanker operation capable of transporting crude oil, refined products, and LNG across Nigeria, West Africa, and internationally.
Caverton Offshore’s CEO, Bode Makanjuola, described the new joint venture as transformative for Nigeria’s maritime industry.
“Unity Shipping World will proudly fly the Nigerian flag and help train the next generation of seafarers,” Makanjuola said.
Panos Gliatis, Managing Director of NNPC Shipping, said the alliance would enhance domestic refining and support Nigeria’s global energy logistics role.
Stena Bulk President and CEO, Erik Hånell, echoed this, highlighting the alignment of the venture with his company’s global strategy.
“We are committed to operational excellence and growth in key energy markets. This partnership boosts Nigeria’s shipping and energy sectors,” Hånell said.
