Local Content Policy
In response to the prevailing imbalance in the Nigerian shipping industry and in pursuance of the success of Nigeria on maritime reforms, the Federal Government of Nigeria made a bold attempt to change the face of maritime business within its coasts when it enacted the Coastal and Inland Shipping (Cabotage) Act 2003,
In addition to the Cabotage law, in 2010 The Local Content Bill was been enshrined into Nigerian Law. The Act seeks to increase indigenous participation in the oil and gas industry by prescribing minimum thresholds for the use of local services and materials and to promote the employment of Nigerian staff in the industry.
It provides privileges for indigenous companies by making sure there is first consideration for the training and employment of Nigerians and it sets out the criteria to be used by the operator and the contractor in assessing how first consideration is to be given to Nigerians in the process of evaluating bids for goods and services required for projects. This act directly affects operating companies, contractors, sub contractors and service providers in the oil and gas industries. In addition, the Act also affects, professional services engagements including legal and financial services in the oil and gas sectors of Nigeria.
The act and Cabotage Law were designed to promote indigenous Nigerian investment in the countries oil and gas and transportation sectors of the Nigerian economy As an wholly Nigerian company Caverton stands to benefit from these laws and is pursuing an aggressive fleet expansion programme as well as crew training and development.
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Coastal and Inland Shipping (Cabotage) Act