FG approves zero import duty for vessels

The Federal Government has approved zero import duty for ship owners to acquire vessels.

Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, disclosed this in a session at the maiden edition of the Nigeria International Maritime Summit (NIMS) held in Lagos on Tuesday, with the theme, ‘Becoming a Significant Maritime Nation’.

He said that for the country to become a maritime nation, areas such as security and incentives which are physical and monetary to help the sector grow should be looked into.

Jamoh added that the zero import duty, a physical incentive presented to the ministry, had been approved in August and this would create a situation where the country will be having a national fleet.

“The maritime industry cannot achieve anything without security and we are pushing towards that and the major issue is to sustain the tempo.

“All mode of transportation, be it rail, road and air, have enjoyed incentives only the shipping sector. We are pushing for two types of incentives, physical and monetary, and I am pleased to announce that the physical has been granted.

“The federal government has granted the physical incentive which is zero import duty for ship owners and what is remaining is the monetary one and we are interfacing with stakeholders on this,” he said.

Jamoh said that the country is aspiring to be a maritime nation was not debatable, but necessary as no country today could develop without the maritime industry.

Former Director General of NIMASA, Mr Temisan Omatseye, noted that constituting a legal framework and taking ownership of the country’s natural endowment would enable the country achieve a maritime nation.

“Being a maritime nation requires more than providing seafarers and ships, relying on resources on the sea, we must think, breathe and act maritime.

“The country has navigable waterways that has not been used and should be used,” he said.