Business & Finance

NIMASA Seeks Review Of Trade Policy, Generates N70.8bn


The Nigerian Maritime Administration and Safety Agency (NIMASA) has advocated that the review of Nigeria’s trade policy and change from the current free-on-board (FOB) to cost, insurance and freight (CIF).

Acting director-general of the Agency, Mr Haruna Baba Jauro said this as part of the agency’s recommendations to the federal government during a presentation to the visiting Senate Committee on Marine Transport yesterday.

CIF is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.

Stakeholders in the sector have severally posited that the country needed to change to CIF in order to create jobs and earn more from the country’s vast maritime resource and crude oil.

Jauro also told the senators led by the chairman of the committee, Senator Ahmed Sani that the agency has fully complied with the Treasury Single Account (TSA), citing that it generated N70.8 billion last year.

He said, the agency also made N42.2 billion remittance to government for special projects.

According to Jauro, NIMASA has collected N207 million as tariff from NLNG since 2013 when it was first able to make the company pay for its gas sales.

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“We are also working hard at promoting shipping policies and encouraging investment and regulating labour issues as required by the maritime labour convention.

“We have been thinking on the national carrier shipping line through PPP which is meant to bridge existing gap in indigenous participation in affreightment, but we have 1,975 ships registered in Nigeria, which are largely small vessels,” Jauro said.

He noted that due to change in management of the agency, budget performance for 2015 will not be as high as for previous years.

The NIMASA boss hinted the senate committee that certificate forgery by ships, falsifying of documents to evade payment of dues and non-compliance to regulations by shipping companies remained top of the agency’s challenges.

In his response, the chairman of the committee, Ahmed Sanni said the federal government is trying to change the people’s attitude and manner of work and service delivery.

He said the legislature as part of their oversight functions would ensure that in line with the government’s change mantra, all agencies of government observed laid down rules and are able to use  resources prudently to the benefit of all Nigerians.

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