NIMASA: FG Has Approved Zero Import Duty for Vessel Acquisition

NIMASA: FG Has Approved Zero Import Duty for Vessel Acquisition

The Nigerian-British Chamber of Commerce - NIMASA: FG Has Approved Zero Import Duty for Vessel Acquisition
Business & Economy October 13, 2021

The federal government has approved zero import duty for ship owners to acquire vessels to boost the maritime industry.

Bashir Jamoh, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), disclosed this at the maiden edition of the Nigeria International Maritime Summit (NIMS) held in Lagos on Tuesday.

According to NAN, Jamoh said that for the country to become a maritime nation, the government needs to focus on security and incentives to help the sector grow.

He added that the zero-import duty would boost the maritime industry, and it had been approved by the government in August.

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

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

Jamoh said the country’s aspiration to be a maritime nation was not debatable but necessary, as “no country today could develop without the maritime industry.

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