The Nigerian House of Representatives has passed a bill to restrict foreign vessels in coastal and inland waters, aiming to bolster local shipping and establish a financing fund for indigenous vessels. Sponsored by Julius Ihonvbere, the bill seeks to enhance local participation in maritime trade and awaits presidential assent to become law.
The House of Representatives has advanced a bill that seeks to restrict foreign vessels’ operations within Nigeria’s coastal and inland waters. The proposal, formally titled “Bill for an Act to Amend the Coastal and Inland Shipping (Cabotage) Act, No. 5, 2003,” was presented for the third-reading and aims to prioritize indigenous ship utilization while establishing a Cabotage Vessel Financing Fund. Sponsored by Julius Ihonvbere, this legislation demands urgent attention due to concerns over foreign exploitation of Nigeria’s marine resources.
During the legislative debate, Mr. Ihonvbere expressed significant concern regarding the prevalence of foreign vessels in Nigerian waters and their adverse effects on local shipping capacity. He highlighted the long-standing complaints of local shippers who have felt marginalized and deprived of opportunities to thrive in international maritime activities. “It got to a point where we could hardly count the number of local shippers operating in international waters,” he commented, underscoring the urgent need for legislative action.
The bill aims to fortify indigenous participation in the maritime sector by imposing strict restrictions on foreign vessels’ access to Nigerian waters, thereby promoting local businesses and job creation. Additionally, it is anticipated to enhance the security of the nation’s inland waterways. Following a unanimous agreement among lawmakers, the bill has passed the third reading and now awaits the approval of President Bola Tinubu to become law.
The passage of the bill by the House of Representatives marks a significant step towards safeguarding Nigeria’s maritime interests. By prioritizing local participation and limiting foreign access to coastal waters, the legislation is poised to foster local economic growth, improve job prospects, and bolster maritime security. As it awaits presidential assent, the anticipated outcomes could reshape the dynamics of Nigeria’s maritime industry.
Original Source: businessday.ng
