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 2003.

Mr Oyetola said this on Sunday in a statement, following a meeting with a delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore.

The meeting took place at the Ministry in Abuja and reaffirmed Mr Oyetola’s commitment to reversing the over-reliance on waivers for foreign vessels in Nigerian waters.

The visit coincided with the official unveiling of Unity Shipping World, a new joint venture by NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group.

The joint venture seeks to develop a strong tanker operation capable of transporting crude oil, refined products, and LNG across Nigeria, West Africa, and internationally.

The Cabotage Act restricts coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels.

However, waivers have frequently been granted to foreign vessels due to limited local capacity, undermining domestic shipping growth and competitiveness.

Mr Oyetola criticised this long-standing trend, stating it hindered local shipping firms’ development and reduced opportunities for Nigerian maritime professionals.

He said the decision aimed to strengthen the maritime sector, create jobs, and increase indigenous participation in the nation’s shipping industry.

To support this policy shift, the minister instructed NIMASA to begin the disbursement process for the Cabotage Vessel Financing Fund.

The fund, generated through cabotage levies, is designed to help Nigerian shipowners acquire vessels and expand their operational capabilities.

Mr Oyetola reiterated the urgency of disbursing the fund, calling it vital for empowering local operators in the face of reduced foreign waivers.

“As the waiver era ends, supporting indigenous shipowners becomes even more crucial,” he stated.

He also reaffirmed the government’s plan to launch a national shipping carrier through a Public-Private Partnership, enhancing Nigeria’s maritime influence regionally.

Caverton Offshore’s CEO, Bode Makanjuola, described the new joint venture as transformative for Nigeria’s maritime industry.

He said USW would provide efficient, reliable, and sustainable marine transport services for the country’s growing energy needs. According to him, the company plans to build a modern fleet by acquiring new and existing vessels while focusing on cost and operational efficiency.

Mr Makanjuola noted that the fleet would primarily support NNPC’s logistics but also serve other oil producers and energy traders. He stressed USW’s commitment to sustainability, safety, and training for Nigerian seafarers to ensure long-term industry growth.

Panos Gliatis, the managing director of NNPC Shipping, said the alliance would enhance domestic refining and support Nigeria’s global energy logistics role.

Stena Bulk president and CEO Erik Hånell echoed this, highlighting the alignment of the venture with his company’s global strategy.

“We are committed to operational excellence and growth in key energy markets. This partnership boosts Nigeria’s shipping and energy sectors,” Mr Hånell said.

(NAN)