HARNESSING THE POTENTIALS OF INDIGENOUS SHIPPING INDUSTRY IN NIGERIAN BLUE ECONOMY UNDER THE CABOTAGE ACT 2003
Shipping industry sub-sector of the Nigerian blue economy has over the years played a key role in the development of Nigerian economy. However, several factors such as lack of adequate funding, insecurity, opportunity for adequate training, etc. converged to making it difficult to enhance adequate development of the sub-sector. This necessitated the establishment of the Coastal and Inland Shipping Act 2003 (Cabotage Act). This paper discussed the effectiveness or otherwise of the provisions of the Cabotage Act in enhancing the potentials of the shipping industry under the Nigerian blue economy. This paper employed a doctrinal legal research method. The paper relied on content analytical methodology of study. This paper found that despite the laudable efforts made by the Cabotage Act, there were still challenges in terms of the implementation of the law, corruption and inadequate funding and training. This paper concluded that the Cabotage Act 2003 does not provide a formidable and sustainable legal framework for enhancing the Nigerian shipping industry. It recommended a robust amendment of the Cabotage Act to accommodate the dynamics of the shipping industry. It further recommended the proper funding of the security operations to tackle piracy and adequate punishment for corrupt practices.
Blue Economy; Cabotage Act; Indigenous Shipping; Local Capacity; Relevant Agencies; Vessel Financing.