Section 4: Functions of the Authority.

The functions of the Authority shall be to-(a) co-ordinate the implementation of the national policy on shipping as may be formulated, from time to time, by the Federal Government;
(b) ensure that Nigerian national carriers exercise fully, Nigeria's carrying rights of at least forty per cent of the freight in revenue and volume of the total trade to and from Nigeria;
(c) grant national carrier status to indigenous shipping lines;
(d) monitor the activities of vessels of the companies granted national carrier status;
(e) grant assistance to indigenous companies for fleet expansion and ship ownership;
(f) regulate liner conferences and national carriers; and
(g) perform such other functions as may be required to achieve the aims and objects of this Act or any national shipping policy, as may be formulated by the Federal Government pursuant to this Act.