By Godfrey Bivbere
Stakeholders in the Nigerian shipping industry have called on the Central Bank of Nigeria, CBN, to set up a special fund with a single-digit interest rate for ship acquisition to further help indigenous ship owners in the country to fully exploit the recent zero-duty waiver policy on importation of vessels announced by the Federal Government.
The stakeholders are of the opinion that the creation of such a fund will boost indigenous ship ownership capacity as well as reduce the dominance of foreign ship owners in the nation’s waters.
Speaking at an online discussion in Harboursandport.com with the theme “FG’s Duty Waiver on Vessel Importation” former Director Maritime Labour Services, Nigerian Maritime Administration and Safety Agency, NIMASA, Abass Olayemi, said the new government policy alone is not enough since access to capital remains a major challenge for indigenous ship owners.
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Source: Vanguard Newspaper
