The Nigerian House of Representatives has passed a bill restricting foreign vessels in domestic waters to promote indigenous shipping and establish a vessel financing fund. Sponsored by Julius Ihonvbere, the legislation aims to encourage local maritime participation and economic development. It awaits presidential assent to become law.
The House of Representatives in Nigeria has successfully passed a bill aimed at limiting the presence of foreign vessels in the nation’s coastal and inland waters. This legislative measure, titled the Bill for an Act to Amend the Coastal and Inland Shipping (Cabotage) Act of 2003, specifically seeks to promote indigenous tonnage and establish a cabotage vessel financing fund amid broader efforts to develop local maritime industries.
The bill, numbered HB.1593 and sponsored by Representative Julius Ihonvbere, was discussed during a plenary session where he voiced concerns over the prolonged exploitation of Nigeria’s marine resources by foreign vessels. Ihonvbere highlighted the adverse effects of this invastion on local shippers, who have reportedly been marginalized and denied opportunities to fully utilize their capabilities in the maritime domain.
Emphasizing the significance of the legislation, he stated that it aims to enhance indigenous participation in maritime trade while restricting foreign ships’ access to Nigeria’s waters. According to Ihonvbere, this legislation has the potential to foster local business growth, create employment opportunities, and bolster security throughout the country’s inland waterways.
The bill proceeded through its third reading with majority support, reflecting a consensus among lawmakers. It is now pending presidential approval from President Bola Tinubu before it can be enacted into law.
The recent passage of the bill by the Nigerian House of Representatives, aimed at restricting foreign vessels from domestic waters, represents a significant step toward enhancing local maritime capabilities. Through emphasizing indigenous participation and resource development, the bill seeks to support local businesses and ensure better job creation. Awaiting presidential assent, this initiative holds the potential to transform Nigeria’s maritime sector.
Original Source: businessday.ng
