The Nigerian government has announced plans to end the issuance of waivers under the Coastal and Inland Shipping Act 2003 to boost local shipping firms and create jobs for Nigerian maritime professionals.
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. However, waivers have often been granted to foreign vessels when local capacity is deemed insufficient.
Minister of Marine and Blue Economy, Adegboyega Oyetola, says the decision comes as a new joint venture, Unity Shipping World, is launched to develop a strong tanker operation for crude oil, refined products, and Liquefied Natural Gas transportation.
The Minister who emphasizes that this policy shift will strengthen the maritime sector and increase indigenous participation in the nation’s shipping industry, also instructed the Nigerian Maritime Administration and Safety Agency to disburse funds to support local shipowners.
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