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NATIONAL MARITIME AUTHORITY

 

National Maritime Authority, the apex maritime regulatory Government agency in Nigeria was established by National Shipping Policy Act No. 10 of 1987 and was empowered to articulate and map out strategies for the increased participation of Nigerian shipping companies in Nigerian sea borne trade. Some of the salient aims
and objectives of the Act are as follows:

To correct any imbalance in the Nigerian shipping trade;

Improve Nigeriaís balance of payment position by enhancing the earning and conservation of foreign exchange from the shipping industry

Use the National Shipping Policy as instrument of promoting the export trade of Nigeria and thus accelerate the rate of growth of the national economy;

Ensure the greater participation of indigenous shipping lines in international sea-borne trade;

Promote the acquisition of shipping technology by creating and diversifying employment opportunities in the shipping industry, through the stimulation and protection of indigenous shipping companies;

Assist in the economic integration of the West African Sub-region;

Offer protection to Nigerian vessels flying the nationís flag on the high seas and world seaports;

Increase the participation by indigenous Nigerian Shipping Lines in ocean shipping through provision of cargo and by entering into bilateral agreements or other suitable arrangements;

Encourage the increase of ownership of ships and the achievement of indigenous skills in maritime transport technology;

Promote the training of Nigerians in maritime transport technology and as seafarers.

                               INVESTMENT CLIMATE

As you can observe from the explanation just given the National Maritime Authority was essentially set up for the facilitation of the development of Nigeriaís shipping industry. Hence, investment tin the industry is particularly relevant to the functions of NMA. Be as it may, the investment climate in the nationís shipping
industry, is in the main guided by the current national economic development policy which has the objective of promoting a strong private sector driven economy with the government as the enabler.

 

There is also the aim of opening up the economy to participation by more indigenous and foreign investors. The realisation of those aspirations had earlier informed the radical and pragmatic reforms introduced since the inception of this
Administration which was designed to increase the attractiveness of Nigeriaís investment opportunities and foster the growing confidence in the economy.

 

The reforms also resulted in the adoption of liberal and market oriented economic policies, the stimulation of increased private sector participation and elimination of
bureaucratic obstacles which hinder private sector investment and long term profitable business operations in Nigeria. The following are some of the specific provisions of the reforms with particular reference to protection and encouragement of foreign investors:

Complete elimination of all quantitative and qualitative barriers to free investment in the country particularly for the foreign investor;

Establishment of a one-stop agency to facilitate investment location and provide the investor access to profitable business ventures and granting of necessary pre-investment approvals

Members of the World Bankís Multi-lateral Investment Guarantee Agency (M.I.G.A.); and Operation of the bilateral Investment Promotion and Protection Agreement (I.P.P.A.) between Nigeria and any interested party country.

Let me proceed further by highlighting in the following paragraphs, the specific opportunities which exist in the Nigerian maritime sub-sector.

 

 

 

 

 

        

            

 

 

 

 


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