Tuesday, October 26, 2021
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FG approves zero import duty for vessels

Nigeria’s Federal Government has approved zero import duty for ship owners to acquire vessels, Dr Bashir Jamoh, Director General, Nigerian Maritime Administration and Safety Agency (NIMASA) said.

He disclosed this at the maiden edition of the Nigeria International Maritime Summit (NIMS) in Lagos on Tuesday.

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 modes 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.

“FG 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 it is not debatable that the country is aspiring to be a maritime nation as no country today could develop without the maritime industry.

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