By Abbas Nazil
The House of Representatives Committee on Maritime Safety, Education, and Administration has reaffirmed its commitment to overhaul outdated maritime laws and promote indigenous participation in Nigeria’s maritime sector.
The Deputy Chairman of the Committee, Uduak Odudoh, made this declaration on Wednesday during an oversight visit to the Nigerian Maritime Resource Development Centre in Kirikiri, Lagos.
Odudoh emphasized that the legislature would provide robust support to modernize existing maritime legislation to align with global standards and foster a more conducive operational environment for stakeholders.
This move comes in response to long-standing concerns raised by the Nigerian Maritime Administration and Safety Agency (NIMASA) over the antiquated state of maritime regulations currently guiding the sector.
He lamented the marginal ownership of vessels by Nigerians, stating that less than five percent of ships operating under NIMASA’s jurisdiction are Nigerian-owned.
The low figure, he said, underscores the urgent need for strategic interventions to enhance local capacity and reduce dependence on foreign-owned vessels.
However, Odudoh expressed optimism that the landscape would begin to shift positively with the anticipated disbursement of the Cabotage Vessel Financing Fund (CVFF).
He noted that the activation of the CVFF, which has long been awaited, marks a critical juncture in Nigeria’s maritime history.
The federal parliamentarian commended the Minister of Marine and Blue Economy and called on NIMASA to ensure the effective implementation of the fund, which is expected to reduce capital flight, stimulate local investment, and generate employment opportunities.
In further elaboration, NIMASA Director-General Dr Dayo Mobereola disclosed that the CVFF is on the verge of becoming operational.
He explained that the implementation framework had been expanded and restructured to include a wider financial partnership.
The number of Primary Lending Institutions has been increased from five to twelve, a move expected to enhance the accessibility and management of the fund.
Mobereola stated that under the new framework, these banks will conduct initial risk assessments and contribute 35 percent of the required funding, while NIMASA will provide 50 percent of the loan. The remaining 15 percent is expected to be covered by the prospective shipowners.
NIMASA further revealed that indigenous shipowners would be able to access the CVFF, currently valued at approximately $700 million, within the next three to four months.
This follows a directive from the Minister of Marine and Blue Economy, Adegboyega Oyetola, instructing the agency to commence immediate processes for the disbursement of the fund.
The latest developments represent a significant step toward revitalizing Nigeria’s maritime industry and empowering local operators to compete effectively on a global scale.