Why Cabotage is crucial

Hiseasnetwork1个月前Europe90
Every nations Cabotage regime is essentially a reflection of that nations enlightened self-interest aimed at ensuring that the shipping industrys universal value is channelled and routed into developing indigenous capacity.... Why Cabotage is crucialEvery nations Cabotage regime is essentially a reflection of that nations enlightened self-interest aimed at ensuring that the shipping industrys universal value is channelled and routed into developing indigenous capacity and expanding local participation of its citizens in the riches of coastal trade. Thus, to increase the participation of Nigerians in the development of the countrys maritime assets, the Coastal and Inland Shipping (Cabotage) Act 2003, which was shaped after the US Merchant Marine Act of 1920 (Jones Act), was enacted. It is an indigenous shipping development capacity initiative, meant to increase indigenous capacity in tonnage, manning, building and flag registration.

The objectives of the Cabotage law are to:(1) Attain national sufficiency in tonnage capacity, shipbuilding and seafarers capabilities.(2) Acquire the technical know-how in ship management, shipbuilding and ship manning.(3) Enhance the earnings and conservation of foreign exchange for the country.(4) Preserve the internal and economic security of the nation and(5) Create employment in the maritime industry.

The Coastal and Inland Shipping (Cabotage) Act, 2003 was signed into law in April 2003 to achieve the growth of domestic Nigerian Shipping Capacity. Cabotage trade under the Act covers:Carriage of goods by sea and passengers from one coastal or inland point which could be ports, jetties, piers etc., to another point located within Nigeria.

Carriage of goods and passengers by sea in relation to the exploration, exploitation or transportation of natural resources whether offshore or within the Nigerian inland and coastal waters.Carriage of goods and passengers on water or underwater (sub-sea) installations.Carriage of goods and passengers originating from a point in Nigeria intended for Nigeria but transiting through another country then back to Nigeria for discharge.Operation by vessel of any other marine transportation activity of a commercial nature in Nigerian waters including; towage, pilotage, dredging, salvage, bunkering etc.

The implementation of the Cabotage Act is intended to promote:Accelerated economic growthIncrease in indigenous ownership of vesselsIncrease in technological know-how (skilled manpower)Increase in the participation of Nigeria in domestic transportation and logistics services in the oil and gas sector and acquisition of expertise therefrom.Stimulate growth in local shipyardsEmployment opportunitiesTraining of seafarersImproved revenue generation (taxes)Improved balance of payment positionSaving foreign exchangeFacilitate enforcement of safety and security standardsAfford the participation of the Nigerian financial services sector (Banks, stock exchange, insurance firms)

相关文章

Thousands protest Argentina oil exploration project

Thousands protest Argentina oil exploration project

Thousands marched Tuesday along the beaches of Argentina's Mar del Plata to protest an oil expl...

Ship captain sentenced to 20 months over Mauritius oil spill

Ship captain sentenced to 20 months over Mauritius oil spill

The captain and first mate of a freighter that crashed into a coral reef off Mauritius, unleashing t...

France to ban non-essential UK travel over Omicron surge

France to ban non-essential UK travel over Omicron surge

France will ban non-essential travel to and from Britain from the weekend to slow the spread of the...

Bodies of 16 killed in Channel boat disaster repatriated to Iraq

Bodies of 16 killed in Channel boat disaster repatriated to Iraq

The bodies of 16 people killed when their boat sank in the Channel while trying to reach England wer...

Brazil begins vaccinating young children despite Bolsonaro objection

Brazil begins vaccinating young children despite Bolsonaro objection

Brazil began vaccinating children aged five to 11 against Covid-19 on Friday after the move was appr...

Macron rival Pecresse slams EUs sieve-like borders

Macron rival Pecresse slams EUs sieve-like borders

French right-wing presidential hopeful Valerie Pecresse on Saturday slammed the EU's "siev...