The House of Representatives in Nigeria has passed a bill to restrict foreign vessels in domestic coastal and inland waters, aiming to bolster local shipping and promote indigenous businesses. Sponsored by Julius Ihonvbere, the legislation seeks to create a financing fund for local vessels and enhance maritime security. The bill is currently awaiting presidential assent.
The Nigerian House of Representatives has approved a bill aimed at limiting the operations of foreign vessels in the country’s coastal and inland waters. This legislation, titled “An Act to Amend the Coastal and Inland Shipping (Cabotage) Act, No. 5, 2003,” seeks to bolster local shipping operations by promoting the development of indigenous tonnage and establishing a Cabotage Vessel Financing Fund. The bill was introduced and sponsored by Julius Ihonvbere during a plenary session on Wednesday.
During the debate, Ihonvbere expressed concern over the dominance of foreign vessels in Nigeria’s waters, highlighting their long-standing exploitation of the nation’s marine resources. He criticized these vessels for failing to support the development of local shipping enterprises, which have reported being marginalized and deprived of opportunities for growth. He remarked on the dwindling number of local shippers engaged in international waters, underscoring a need for a shift in this trend.
The lawmaker asserted that enacting the bill would enhance local participation in maritime trade, thereby reducing foreign access to Nigeria’s waters. Moreover, he emphasized the potential benefits of this legislation, including the promotion of local businesses, job creation, and improvements in the security of Nigeria’s inland waterways. Following a swift discussion, most of the assembly members voted in favor of the bill, which now requires the approval of President Bola Tinubu to take effect.
In summary, the Nigerian House of Representatives has passed a significant bill aimed at restricting foreign vessels’ operations in the country’s coastal and inland waters. This initiative, spearheaded by Julius Ihonvbere, aims to empower local shipping capacities, generate employment opportunities, and enhance maritime security. The bill awaits presidential approval to become law, marking a pivotal shift towards supporting indigenous participation in the maritime sector.
Original Source: businessday.ng
