By Steve Agbota
The House of Representatives Committee on Maritime Safety, Education and Administration has pledged full legislative support to overhaul Nigeria’s maritime legal framework and promote indigenous vessel ownership.
Speaking during an oversight visit to the Nigerian Maritime Resource Development Centre (NMRDC) in Kirikiri, Lagos, on Tuesday, the Deputy Chairman of the Committee, Hon. Uduak Odudoh, acknowledged growing concerns from the Nigerian Maritime Administration and Safety Agency (NIMASA) regarding the outdated state of existing maritime laws.
He assured stakeholders that the National Assembly is committed to reviewing and modernising the laws to reflect global best practices and support the growth of the local shipping industry.
Highlighting one of the sector’s major setbacks, Odudoh lamented the dismal level of indigenous vessel ownership.
According to him, less than five per cent of ships operating within NIMASA’s regulatory oversight are owned by Nigerians.
“This is unacceptable, and we believe the tide is about to turn. With the Cabotage Vessel Financing Fund (CVFF) now finally activated and domiciled with the Central Bank of Nigeria, we are optimistic that more Nigerians will soon be able to own and operate vessels,” he said.
He noted that the activation of the CVFF could be a game-changer for the maritime sector, as it is expected to significantly reduce capital flight, increase employment, and stimulate economic growth within the maritime value chain.
“We commend the Minister of Marine and Blue Economy for his bold steps, and we charge NIMASA to develop a strong and transparent implementation framework. This is a critical moment in our maritime history,” he added.
Odudoh reiterated the readiness of the House Committee to provide not just legislative backing but also financial support, including approvals for supplementary budgets, to address key operational challenges facing NIMASA and the broader maritime sector.
He further disclosed that the Committee would extend its oversight visits to other NIMASA formations across the country to ensure uniform operational standards and improved service delivery nationwide.
Commending NIMASA for its consistent efforts in maritime security, Odudoh applauded the agency’s record of achieving zero piracy incidents across Nigerian waters and the Gulf of Guinea in the past three years.
Also speaking during the visit, the Director General of NIMASA, Dr Dayo Mobereola, gave further updates on the long-anticipated Cabotage Fund.
He revealed that the fund is now on the verge of full operationalisation, following the issuance of updated guidelines and the expansion of Primary Lending Institutions (PLIs) from five to twelve.
“These PLIs will carry out the initial risk assessments and contribute 35 percent of the loans, while NIMASA will provide 50 percent. This collaborative funding structure ensures only financially viable and competent Nigerian shipping companies can access the fund,” Mobereola explained.
He described the CVFF as “revolving and patient capital”, with single-digit interest rates and long repayment tenures to encourage sustainable growth in the sector.
Mobereola further disclosed ongoing discussions with major cargo generators such as the Nigerian National Petroleum Company Limited (NNPC) and the Nigeria LNG Limited (NLNG) to prioritise Nigerian-owned vessels in cargo allocation, thus ensuring beneficiaries of the CVFF not only have access to funding but also guaranteed market opportunities.
He emphasised the agency’s commitment to supporting indigenous shipowners with both financial and operational resources to enhance their competitiveness on the global stage.
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