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FG removes import duty on ships, spare parts Shipment

FG removes import duty on ships, spare parts Shipment

The federal government is expected to declare soon that all imported new vessels and vessel replacement parts would be subject to zero import duties.

As an incentive to support indigenous shipping, the Federal Government has eliminated import duties on ships and their replacement components.

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The Director-General of the Nigerian Maritime Administration and Safety, Dr Bashir Jamoh, revealed this during the Nigeria International Maritime Summit, according to thenigerianmaritimenews.com.

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In addition, Jamoh stated that the Presidency had listened to the industry’s call for incentives to boost local shipping capacity. He went on to say that the Ministry of Transportation would make a formal announcement about the clearance as soon as possible.

“When I took over as Director General of NIMASA, I set out to work on two incentives for the maritime sector, one of which is fiscal incentives for the shipping industry,” he explained.

“Today, the incentive was granted, and I have the document with me, but we are still waiting for the Ministry of Transportation to make an announcement, which we expect to happen shortly.”

Jamoh went on to say that fiscal policy had been long overdue and that the FG had provided comparable incentives to train, manufacturers, and airline operators, among other industries.

Mrs Mfon Usoro, Chairperson of the NIMS Advisory Board, stated that the sector’s expansion required a comprehensive national maritime policy.

“How can we have Nigerians who own ships but choose to use the maritime registers of other countries?” she said. This conference focuses policymakers, regulators, and industry operators’ attention on a key area that some consider the foundation for economic growth, the heart of commerce, security, and even survival.”

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