The House of Representatives Committee on Maritime Safety, Education, and Administration, has committed to providing full legislative support to modernize maritime laws and increase Indigenous vessel ownership.
The pledge was made by the Deputy Chairman of the Committee, Uduak Odudoh, during an oversight visit to the Nigerian Maritime Resource Development Centre in Kirikiri, Lagos, on Wednesday.
Odudoh recognized the concerns raised by NIMASA regarding outdated maritime laws and assured that the House of Representatives would take swift action to review and update the legal framework, creating a more supportive environment for operators.
He expressed concern over the low percentage of Nigerian-owned vessels, revealing that less than five percent of the ships operating under NIMASA’s jurisdiction are owned by Nigerians.
However, Odudoh expressed optimism that the situation would improve with the activation of the Cabotage Vessel Financing Fund.
“With the CVFF finally set in motion, there is hope that more Nigerians will own vessels, thereby reducing capital flight and creating employment opportunities. We commend the Minister of Marine and Blue Economy and task NIMASA for developing a robust implementation strategy. This is a critical moment in our maritime history,” he said.
Speaking on the long-awaited CVFF, NIMASA’s Director-General, Dr. Dayo Mobereola, highlighted that the fund would soon be operational, thanks to updated guidelines and an expanded partnership with banks.
“We have expanded the number of Primary Lending Institutions from five to 12. These banks will carry out the initial risk assessment and contribute 35 per cent of the loan, while NIMASA will provide 50 percent,” Mobereola said.
