-0.6 C
New York
Sunday, March 7, 2021

Nigeria to bar vessels without licences from operating in Nigerian waters

Must read

imageEconomy44 minutes ago (Oct 04, 2020 02:00PM ET)

ABUJA (Reuters) – Nigeria plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator said on Sunday.

The Nigerian Maritime Administration and Safety Agency (NIMASA) said it will notify international oil companies to bar vessels without valid certificates after the three months expire.

Most of the vessels that use Nigerian waters are owned by foreign companies. They mostly transport crude oil for international oil companies.

The regulator said the new regime would also apply to vessels whose licences have already expired.

The government is pushing to boost revenue and increase it foreign exchange earnings after the new coronavirus pandemic triggered a collapse in the price of oil, Nigeria’s main export.

Levies — import duties and shipping charges including taxes — are big revenue earners for Nigeria, which relies on international trade, especially oil exports.

Danish shipping and oil group A.P. Moller-Maersk (CO:MAERSKb) and French shipping group Bourbon (PA:GPBN) are among international shipping companies active in Nigeria.

Nigeria to bar vessels without licences from operating in Nigerian waters

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article