The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced plans to end the issuance of waivers under the Coastal and Inland Shipping Act of 2003, in a bid to strengthen Nigeria’s maritime sector and boost indigenous participation in the shipping industry.
The Minister declared that the era of indiscriminate waivers is coming to an end, emphasising the need to build Nigerian tonnage, support Nigerian jobs, and give indigenous operators a fair chance to thrive. He directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process of disbursing the Cabotage Vessel Financing Fund (CVFF) to assist Nigerian shipowners in acquiring vessels and enhancing their operational capacity.
Oyetola reiterated his commitment to launching a national shipping carrier through a Public-Private Partnership (PPP) model, positioning Nigeria as a dominant maritime force in the region. A joint venture between NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group was unveiled, aiming to establish a robust tanker operation capable of transporting crude oil, refined products, and LNG within Nigeria, West Africa, and globally.
The CEO of Caverton Offshore Support Group, Bode Makanjuola, described the joint venture as a game-changer for Nigeria’s maritime industry, highlighting the importance of building capacity for Nigerian seafarers.
The Managing Director of NNPC Shipping, Panos Gliatis, said the strategic alliance will enhance domestic refining, imports, and exports, reinforcing Nigeria’s pivotal role in global energy logistics. Stena Bulk’s President & CEO, Erik Hånell, noted that the venture aligns with his company’s goals, supporting operational excellence and expanding into key energy markets.