Nigeria needs National Fleet to lift her crude oil exports, says DG NIMASA …Checkmate capital flight
BY OUR REPORTER
Nigeria’s dream of lifting her crude oil exports would continue to be a mirage until the country develops a functional National Fleet, the Director General of the Nigerian Maritime Administration and Safety Agency NIMASA, Dr. Dakuku Peterside has said.
Available records show that the country, which is the sixth world’s largest producer of crude oil, producing over 2.4 million barrels per day, is the only member of the Organisation of Petroleum Exporting Countries OPEC that does not lift her exports.
Peterside, who spoke at a media breakfast meeting on the sideline of the ongoing Nor Shipping Conference and Exhibition in Oslo, Norway, also said that a National Fleet will end the regime of massive capital flight associated with the present arrangement where Nigeria sells her crude oil on the basis of Free On Board FOB and will also lead to employment creation.
The NIMASA DG said the new national fleet will be owned 49 per cent by a technical partner and the balance of 51 per cent by Nigerian investors. According to the plan, the Nigerian investors will hold equity in lots, so there will be no domineering shareholder. He said the planned national fleet will be private sector led for sustainability and profitability.
The national fleet is part of the country’s new strategic direction on the blue economy, which is designed to tap its maritime potentials. He invited local and foreign investors who are interested in the project to partner with the country.
The opportunity in crude freight and right of first refusal to lift cargo generated by all tiers of government are just some of the many potential in the industry. He said the country is also taking its maritime security serious and has invested in the acquisition of security assets to boost the policing of its waters.
These assets include patrol boats, special mission aircrafts, helicopters, unmanned air vessels and special mission ships. He noted that the assets, acquired under the ‘Deep Blue Project’, which he calls a homeland security solution, will be operational by September this year with a standing specially trained intervention strike force.
Dr. Peterside called on investors to tap into the rich potentials of the maritime sector in Nigeria saying the government has incentivised the sector with offers of tax holidays and institutional support.
Nigeria, he reminded his audience is an investment friendly environment with comprehensive maritime security, a robust financial sector and six port complexes and numerous terminals. “Nigeria accounts for 70 per cent of seaborne trade into West and Central Africa and is endowed with a skilled workforce and the world’s ninth largest hydrocarbon deposits. The country is also focusing on implementing reforms to enhance ease of doing business in the country”, he also said.
…Checkmate capital flight