Africa

Nigeria approves zero import duty for vessels

Nigeria has approved zero import duty for Nigerians or Nigerian shipping companies to acquire vessels from other countries, a top official with the Nigerian Maritime Administration and Safety Agency(NIMASA) said on Tuesday.

The zero import duty, a physical incentive to boost maritime industry in the country, has been approved in August by the government, said Bashir Jamoh, NIMASA’s director-general, at a maritime forum held in Lagos, the nation’s economic hub, on Tuesday.

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”.

“We are pushing for two types of incentives, physical and monetary, and I am pleased to announce that the physical has been granted,” Jamoh said, adding that the physical incentive is zero import duty for shipowners while the monetary one will be decided after discussion with stakeholders.

Local observers said the incentive is important to the growth of the Nigerian maritime sector, and will boost Nigeria’s share in shipping trade in west Africa.

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