Abuja, April 24, 2025 – The House of Representatives has commended the Adegoke Oyetola, the Minister of Marine and Blue Economy, for his recent directive on immediate disbursement of Cabotage Vessel Financing Fund (Cabotage Fund).
Uduak Odudoh, the Deputy Chairman of the House Committee on Maritime Safety, Education, and Administration, made the commendation on Wednesday during an oversight visit of the committee to the Nigerian Maritime Resource Development Centre in Kirikiri, Lagos.
He expressed optimism that things would change for the better in the maritime sector with the activation of the Cabotag Fund.
Odudoh said with the Fund, more Nigerians could now own new vessels, thereby reducing capital flight and creating employment opportunities.
He descried the current situation where less than five per cent of ships operating under NIMASA’s purview belong to Nigerians.
The House Committee Chairman pledged the support of the House to give legislative backing to efforts to modernise maritime laws and boost Indigenous vessel ownership.
He said the House would work swiftly to review and update the legal framework governing Nigeria’s maritime sector to enable a more enabling environment for operators. (GBN)
