The Federal Government has approved zero import duty for interested investors on acquisition of vessels.
Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, made this disclosure Tuesday at the maiden edition of the Nigeria International Maritime Summit (NIMS) in Lagos.
According to a news report by the News Agency of Nigeria (NAN) the Director General hinged the fiscal incentive of the government on the need to grow the nation’s maritime sector.
Jamoh further clarified that the zero import duty was approved in August and this would ultimately help in establishing a national fleet for the country, amongst other benefits.
He said: “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,” the NIMASA boss added.
Jamoh harped on the increasing need for Nigeria to become a leading maritime nation in view of the criticality of the maritime sector to sustainable national development.
