Fri. Oct 22nd, 2021

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Federal Government Reworks Import Duties, Cancels It On Sheep, Spare Parts

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The federal government of Nigeria has considered unnecessary the import duties levied on import of ship and the spare parts, as an incentive to encourage indigenous shipping.
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The federal government of Nigeria has considered unnecessary the import duties levied on import of ship and the spare parts, as an incentive to encourage indigenous shipping.

The Director-General, Nigerian Maritime Administration and safety, Dr. Bashir Jamoh made this known at the International Maritime Summit.

Jamoh stated that the Federal government had stamped the industry’s demand for incentives to improve the local shipping capacity. He revealed that the Ministry of Transportation would with time announce the approval.

He said, “When I assumed office as the Director General of NIMASA, I deliberately worked on two incentives for the maritime sector and one of them is fiscal incentives for the shipping industry.

“Today, the incentive has been granted and I have the memo with me but we are still waiting for the announcement from the Ministry of Transportation, which we believe will happen soon.”

Jamoh added that fiscal policy was long overdue, and that the FG had made similar incentives for rail transport, manufacturers, airline operators among other sectors.

The Chairperson, NIMS Advisory Board, Mrs Mfon Usoro, said a holistic national maritime strategy was imperative for the growth of the sector.

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