FG mulls zero import duty for ships, spare parts

The federal government may soon announce a zero-import duty on all imported new vessels and spare parts of vessels.

The move is aimed at boosting efforts of indigenous shipping firms, said Director-General of the Nigerian Maritime Administration and Safety (NIMASA), Dr Bashir Jamoh.

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This is coming barely a month after FG withdrew approval for the disbursement of the Cabotage Vessels Financing Fund (CVFF) after 18 years of unfulfilled promises.

Jamoh, while speaking in a session at the maiden edition of Nigeria International Maritime Summit (NIMS), said approval is currently before the Permanent Secretary of the Ministry of Transportation, Dr Magdalene Ajani.

Jamoh stated that the federal government would soon make the approval known to members of the public, adding that the fiscal policy was long overdue.

He explained that the government had made similar incentives for manufacturers, airline operators, among other sectors.

The Minister of Transportation, Rotimi Amaechi a fortnight ago, there is also a dire need for the Nigerian maritime sector to be more united in a bid to advocate for issues of common interest and benefit to the nation.

Chairperson of the NIMS, Barr. Mfon Usoro urged all agencies under the Ministry of Transportation to the unit so as to adopt a holistic maritime national strategy.

“How can we have Nigerians that own vessels but choose to use the shipping registries of other nations?

“This summit focuses the attention of policymakers, regulators and the industry operators on a critical segment that some consider the substratum for economic growth, the centrepiece for commerce, security and indeed livelihood,” she said.