Ship acquisition: FG orders CBN to provide forex for

By Steve Agbota

The Federal Government has directed the Central Bank of Nigeria (CBN) to provide forex to shipowners for ship acquisition at official rate rather than at the exorbitant black market rate.

Speaking at the Shipowners’ Association of Nigeria (SOAN), end-of-year Dinner and Gala Nite in Lagos, the Director General of Nigerian Marítime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, revealed that the Federal Government has also exempted local shipowners from paying import duty on brand new vessels.

However, he urged indigenous shipowners to take advantage of the incentives as well as the planned disbursement of the Cabotage Vessels Finance Fund (CVFF), to increase their fleet and end foreign dominance of the nation’s coastal trade.

According to him, the incentives provided so far for indigenous shipowners is yet to lead to acquisition of vessels into the country, saying Nigeria will lose the gains of the huge investments in the Lekki Deep Seaport if indigenous stakeholders do not take advantage of the Federal Government’s incentives to acquire vessels.

“The government has approved zero duty for imported new ships, with older ones attracting higher duty, while the second incentives was the Central Bank of Nigeria (CBN) monetary incentive that guarantees forex at official rate for ship acquisition, rather than at the exorbitant black market rate and the recent approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF),” he added.

The NIMASA boss also assured shipowners that the agency under his leadership would sustain all efforts to ensure a conducive operating environment for the Nigerian shipowners, saying no shipping country would thrive without being supported by the government.

“So, I try as much as possible to weigh the kind of assistance the Nigerian Government can offer the ship owners in the environment they operate,” he said.