Section 5: Special functions of the Authority.

(1) The Authority shall investigate, determine and keep current records of-
(a) ocean services, routes and lines from Nigerian ports to foreign markets, as may be determined by the Minister to be essential for the promotion, development, expansion and maintenance of the foreign commerce of Nigeria;
(b) bulk cargo carrying services for the purposes of promotion, development, expansion and maintenance of the foreign commerce of Nigeria, the national defence and other national requirements provided by Nigerian flag vessels whether or not operating on a particular ocean service, route or line;
(c) the type, size, speed, method of propulsion and other requirements of vessels which should be employed-
(i) in such services or on such routes or lines and the frequency and regularity of the sailings of such vessels, with a view to furnishing adequate, regular, certain and permanent service; or
(ii) to provide the bulk cargo carrying services, necessary for the promotion, maintenance and expansion of foreign commerce of the Federal Republic of Nigeria and its national defence or other national requirements, whether or not such vessel operates on a particular service, route or line;
(d) the relative cost of construction of comparable vessels in Nigeria and in foreign countries;
(e) the relative cost of managing the commercial aspects of the shipping industry, such as scheduling, chartering in or chartering out of vessels, allotment of cargo space, cargo pricing and cargo soliciting, marine insurance, maintenance, repairs, wages and subsistence of officers and crew, and all other items of expense, in the operation of comparable vessels under the laws, rules and regulations of Nigeria and under those foreign countries whose vessels are substantially competitors of any such Nigerian vessels;
(f) the extent and character of aid and subsidies granted by foreign governments to their merchant marine;
(g) the number, location and efficiency of shipyards existing on the date of the commencement of this Act or thereafter built in Nigeria;
(h) new designs, methods of construction and types of equipment for vessels;
(i) the possibilities of promoting the carrying of the foreign trade of Nigeria in Nigerian vessels; and
(j) inland water transportation, including their relation to the transportation by land and air.
(2) The Authority shall, for the purposes of subsection (1)(a) of this section, consider and give due weight to-
(a) the cost of maintaining the ocean lines;
(b) the probability that the ocean lines cannot be maintained, except at a heavy loss disproportionate to the benefit accruing to foreign trade;
(c) the numbers of sailings and the types of vessels that should be employed in the ocean lines;
(d) the benefit the maintenance of the ocean line may afford to the foreign trade of Nigeria; and
(e) any other facts or conditions which the Authority may, from time to time, determine as necessary.