Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced a significant shift in the country’s maritime policy, aiming to end the issuance of waivers under the Coastal and Inland Shipping Act 2003. This decision comes after a meeting with representatives from NNPC Shipping, Stena Bulk, and Caverton Offshore, where the Minister reaffirmed his commitment to reducing the nation’s reliance on foreign vessels.
The move is expected to strengthen the maritime sector, create jobs, and increase indigenous participation in the shipping industry. Oyetola criticized the long-standing practice of granting waivers to foreign vessels, stating that it has hindered the growth of local shipping firms and reduced opportunities for Nigerian maritime professionals. “The era of indiscriminate waivers is ending,” he said. “It is time to build Nigerian tonnage, support local employment, and give indigenous operators a fair chance to succeed.”
To support this policy shift, the Minister has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin disbursing the Cabotage Vessel Financing Fund (CVFF). The fund, generated through cabotage levies, will help Nigerian shipowners acquire vessels and expand their operational capabilities. Oyetola emphasized the urgency of disbursing the fund, calling it vital for empowering local operators in the face of reduced foreign waivers.
The announcement coincided with the launch of Unity Shipping World (USW), a new joint venture between NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group. The joint venture aims to develop a strong tanker operation capable of transporting crude oil, refined products, and LNG across Nigeria, West Africa, and internationally. USW’s CEO, Bode Makanjuola, described the venture as transformative for Nigeria’s maritime industry, providing efficient, reliable, and sustainable marine transport services for the country’s growing energy needs.
The partnership will also focus on building a modern fleet, acquiring new and existing vessels, and prioritizing cost and operational efficiency. Makanjuola stressed USW’s commitment to sustainability, safety, and training for Nigerian seafarers, ensuring long-term industry growth. “This partnership reflects careful planning and a shared vision,” he said. “Unity Shipping World will proudly fly the Nigerian flag and help train the next generation of seafarers.”
The launch of USW and the end of waivers are expected to have a significant impact on Nigeria’s shipping and energy sectors. Panos Gliatis, 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,” he said. “This partnership boosts Nigeria’s shipping and energy sectors.”
