The Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced plans to bring an end to the issuance of waivers under the Coastal and Inland Shipping Act of 2003 to boost indigenous shipping.
Oyetola, in a statement by his Media and Communications Adviser, Dr Bolaji Akinola, stated this recently when he received a high-level delegation from Nigerian National Petroleum Corporation Shipping, Stena Bulk, and Caverton Offshore Support Group in Abuja.
The visit comes on the heels of the formal unveiling of Unity Shipping World, a newly formed joint venture by NNPC Shipping, global maritime giant Stena Bulk, and Nigerian offshore service leader Caverton Offshore 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.
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.
Over the years, these waivers have significantly limited the growth of Nigerian shipping companies, depriving them of critical opportunities in the domestic shipping space.
The minister, while stating his resolve to reverse this trend, explained that the decisive move would strengthen Nigeria’s maritime sector and create jobs in the shipping industry.
According to Oyetola, the era of indiscriminate waivers is coming to an end. “We 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.
“The disbursement of the CVFF is no longer optional; it is imperative. Our 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,” he said.
Also speaking, the Chief Executive Officer 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’s maritime industry.
He said the newly formed Unity Shipping Worldwide would deliver efficient, reliable, and sustainable maritime transport services.
According to him, the company would focus on building a modern fleet, acquiring both new and existing vessels, and optimising cost and operational efficiency.
“This partnership is the culmination of extensive planning and shared vision. It combines local expertise with international best practices to create a maritime powerhouse. Unity Shipping Worldwide would proudly fly the Nigerian flag and play a critical role in training and empowering Nigerian seafarers,” he stated.
Managing Director of NNPC Shipping, Panos Gliatis, said, “With this strategic alliance, we are enhancing domestic refining, imports, and exports, reinforcing Nigeria’s pivotal role in global energy logistics.”
The President and CEO of Stena Bulk, Erik Hånell, echoed the sentiments, noting that the venture aligns with his company’s goals.
“We are committed to operational excellence and expanding into key energy markets. This partnership supports our long-term strategy while advancing Nigeria’s energy and shipping landscape,” Hanell added.
