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Nairametrics
Home Business News

Maritime operators in the country may have to sit up soon

Onome Ohwovoriole by Onome Ohwovoriole
October 2, 2017
in Business News
Maritime operators in the country may have to sit up soon
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Operators in the maritime industry may have to brace for a tougher regulatory regime as the Nigerian Maritime Administration and Safety Agency (NIMASA) plans to tighten safety regulations in the sector. As part of the reforms, ship registration processes will be automated and made available online. Tankers operating in the oil industry are also expected to get insurance policies. NIMASA will also be introducing a 3% levy on wet cargoes. Wet cargoes are cargoes whose form is liquid or granular

“The calculation of NIMASA’s three per cent levy on all wet cargoes shall be based on freight tonne, which is cubic measurement and in line with the provisions of the MARPOL Convention, all tankers operating in Nigerian waters are required to have in place adequate and sufficient insurance cover to minimise the risk of losses sequel to oil spills and tanker accidents.”

This was disclosed in a communique issued after an interactive session held in Lagos.

The agency may need to phase the reforms.

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NIMASA may have to implement the rules in phases as operators in the maritime sector are struggling. Shippers in the country are currently weighed down by several factors including unpaid bank loans, lack of patronage due to the tough economic climate and the poor state of the country’s ports . The poor standard of the ships, means companies prefer to use foreign firms to handle their operations, thus denying them patronage.

NIMASA is the apex regulatory agency in the maritime sector. NIMASA was formed from the merger of the Nigerian Maritime Agency (NMA) and the Joint Maritime Labour Council (JOMALIC) on the 1st of August 2006. it  is responsible for regulations related to Nigerian shipping, maritime labour and coastal waters. NIMASA also undertakes inspections and provides search and rescue services.


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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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