- End of Waivers: Nigeria to stop issuing waivers for foreign vessels.
- Boosting Local Capacity: Aims to strengthen Nigerian shipping firms.
- New Partnership: NNPC, Stena Bulk, and Caverton form Unity Shipping World (USW).
- Cabotage Fund: Disbursement of the Cabotage Vessel Financing Fund (CVFF) is on the way.
Nigeria Says Goodbye to Shipping Waivers
Get ready for a shake-up in Nigeria’s shipping scene! The Minister of Marine and Blue Economy, Adegboyega Oyetola, is putting an end to the easy-peasy issuance of waivers under the Coastal and Inland Shipping Act 2003. This is huge news because it means more opportunities for Nigerian-owned ships and crews.
Why the Change?
For too long, foreign vessels have been getting waivers left and right, making it tough for local companies to compete. Oyetola is not having it anymore! He believes it’s time to level the playing field and give Nigerian maritime professionals a real shot.
The Cabotage Act was created to restrict coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or flagged vessels. But the waivers basically made the law toothless.
Oyetola’s Strong Words
Oyetola didn’t mince words when he talked about the need for change. “The era of indiscriminate waivers is ending. We can’t keep weakening local capacity under the guise of temporary foreign assistance,” he declared. Basically, he’s saying Nigeria needs to build its own strength instead of relying on others.
Cabotage Vessel Financing Fund (CVFF) to the Rescue
To help Nigerian shipowners gear up, the government is finally releasing the Cabotage Vessel Financing Fund (CVFF). This fund, collected from cabotage levies, will help local companies buy vessels and grow their businesses. It’s about time!
Think of it like a special bank account just for ship owners!
Unity Shipping World: A New Dawn?
In other exciting news, NNPC Shipping, Stena Bulk, and Caverton Offshore have teamed up to create Unity Shipping World (USW). This joint venture aims to create a strong tanker operation that can move crude oil, refined products, and LNG all over Nigeria, West Africa, and even internationally.
According to Caverton Offshore’s CEO, Bode Makanjuola, USW will focus on being efficient, reliable, and sustainable. They plan to build a modern fleet and prioritize training for Nigerian seafarers.
What the Big Players Are Saying
Panos Gliatis of NNPC Shipping believes this alliance will boost domestic refining and help Nigeria play a bigger role in global energy logistics. Erik Hånell from Stena Bulk is also on board, saying the venture fits perfectly with his company’s global strategy.
Looking Ahead
With the end of waivers and the rise of new ventures like Unity Shipping World, Nigeria’s maritime sector could be on the verge of a major transformation. Will it lead to more jobs, stronger local businesses, and a bigger role for Nigeria in the global shipping industry? Only time will tell!
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