The House of Representatives Committee on Maritime Safety, Education, and Administration has pledged full legislative backing to modernise maritime laws and boost Indigenous vessel ownership.
The Deputy Chairman of the Committee, Uduak Odudoh, stated this on Wednesday during an oversight visit to the Nigerian Maritime Resource Development Centre in Kirikiri, Lagos.
Odudoh acknowledged concerns raised by the Nigerian Maritime Administration and Safety Agency regarding outdated maritime laws.
He assured that the House of Representatives would work swiftly, “to review and update the legal framework governing Nigeria’s maritime sector to enable a more enabling environment for operators.”
Odudoh lamented the low percentage of Nigerian ownership of vessels.
He stated that less than five per cent of ships operating under NIMASA’s purview belong to Nigerians.
Odudoh, however, expressed hope that things would change with the activation of the Cabotage Vessel Financing Fund.
“With the CVFF finally set in motion, there is hope that more Nigerians will own vessels, thereby reducing capital flight and creating employment opportunities. We commend the Minister of Marine and Blue Economy and task NIMASA for developing a robust implementation strategy. This is a critical moment in our maritime history,” he said.
Speaking on the long-anticipated CVFF, the Director-General of NIMASA, Dr Dayo Mobereola, noted that the fund would soon be operational following updated guidelines and a broader partnership with banks.
“We have expanded the number of Primary Lending Institutions from five to 12. These banks will carry out the initial risk assessment and contribute 35 per cent of the loan, while NIMASA will provide 50 percent,” Mobereola said.
In a similar development, NIMASA announced that indigenous shipowners will be able to access the Cabotage Vessel Financing Fund, estimated to be within $700m, in the next three to four months.
This is coming weeks after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed NIMASA to commence processes for the disbursement of the fund.
