The Minister of Marine and Blue Economy, Adegboyega Oyetola has reaffirmed the Federal Government’s commitment to eliminating the indiscriminate granting of waivers under the Coastal and Inland Shipping (Cabotage) Act of 2003, in a bid to revitalise the nation’s maritime industry and deepen indigenous participation.
Speaking in Abuja during a meeting with a delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group, the Minister said the era of foreign dominance in Nigeria’s domestic shipping space would soon come to an end.
The visit coincided with the unveiling of Unity Shipping World (USW), a new joint venture between NNPC Shipping, international shipping giant Stena Bulk, and Nigerian offshore logistics firm Caverton Offshore. The new firm is expected to drive crude oil, refined products, and LNG transportation both locally and globally.
Oyetola, while addressing the delegation, declared: “The era of indiscriminate Cabotage waivers is fast drawing to a close. We must prioritise our local capacity and stop making excuses for foreign operators. Supporting indigenous shipping is no longer optional — it is a necessity for national growth, job creation, and sectoral sustainability.”
The Cabotage Act reserves coastal shipping within Nigerian waters for Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels. However, over the years, routine issuance of waivers has significantly curtailed the potential of indigenous operators, denying them access to a vital segment of the industry.
In line with the administration’s renewed focus on empowering local players, Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin immediate disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF). The fund, derived from contributions under the Cabotage regime, is aimed at helping Nigerian ship owners to acquire modern vessels and enhance operational capacity.
“The CVFF must be disbursed without further delay,” he stated. “It is the bridge between policy and actual capacity. If we’re truly ending waivers, we must empower Nigerian shipowners to compete and deliver.”
The Minister also reiterated the government’s plan to float a National Shipping Line under a Public-Private Partnership (PPP) arrangement. He described the initiative as a critical step toward establishing Nigeria as a maritime powerhouse in West and Central Africa.
Caverton Offshore CEO, Bode Makanjuola, hailed the launch of Unity Shipping World as a transformational milestone, combining global standards with local expertise to create a world-class shipping operator. “Our focus is on building a modern, efficient, and sustainable fleet,” he said, adding that the company would cater primarily to NNPC’s needs while also serving other players in the energy sector.
He emphasised the importance of capacity development, particularly for Nigerian seafarers. “This venture will not only move cargo but will move people — by training, employing, and empowering Nigerian maritime professionals,” Makanjuola added.
Panos Gliatis, Managing Director of NNPC Shipping, noted that the alliance would enhance domestic logistics and reinforce Nigeria’s position in global oil and gas transportation.
Also speaking, Stena Bulk President and CEO Erik Hånell said the partnership reflects his company’s vision of entering strategic markets through sustainable collaboration. “Unity Shipping World aligns with our values of operational excellence and long-term impact,” Hånell said.
