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Nigeria - Folarin advocates import duty exemptions for shipbuilders

The Chairman of the National Seafarer’s Welfare Board (NSWB), Otunba Kunle Folarin, has charged the Federal Government to institute fiscal policies such as tax holidays and duty exemptions for materials used in ship building, ship repairs and foundries.

Folarin, who stated this at the lecture series of Nigeria chapter of Woman International Shipping and Trading Association, (WISTA) said that Nigeria would benefit immensely from such policies due to the number of ships that call at the nation’s seaports on yearly basis.

The NSWB Boss said that the nation’s maritime sector provides enormous wealth creation and employment generation opportunities.

“Nigeria is a coastal state. The advantages of her coastline and integrated road network from the Southern best connecting the seaports and oil terminals of cargos, Port Harcourt, Calabar, Bonny and Brass to the northern frontiers of the country projects a perfect solicitors to the demands of Cargo traffic and logistics feeds of Inland countries which shares land mass with Nigeria and her coastal neighbouring states,” Folarin said.

According to him, Nigeria’s 900 nautical miles coastline and over $8 billion annual investment in  ports infrastructure provide enormous opportunities for Nigerians.

Folarin Counselled Maritime regulatory authorities to ensure strict compliance and enforcement of the Cabotage regime.

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