NIMASA to be the owner of 5th largest floating dockyard

The Nigerian Maritime Administration and Safety Agency has said that it will soon take delivery of the fifth largest modular floating dockyard in Africa.

The Director-General of the agency, Dr. Dakuku Peterside, who disclosed this on Tuesday during a press conference to mark his administration’s one year in office, added that the dockyard would save the Federal Government at least $100m annually.

He said, “I am delighted to inform you that NIMASA will soon take delivery of the 5th largest modular floating dockyard on the African continent.

“The dockyard will save the Federal Government of Nigeria at least $100m annually. This will be a direct savings from the dry docking of vessels operating in Nigeria, which are mostly done outside the country at the moment.”

According to the NIMASA DG, the agency will partner the private sector to run the dockyard.

He said also that the agency was pushing for increased participation of Nigerians in the carriage, insurance and other ancillary services relating to the distribution of crude oil, adding that this would be done through the change of trade term from Free On Board to Cost Insurance and Freight.

He said, “One major factor that edges Nigerians out in the affreightment of Nigerian cargo, especially crude oil lifting, is the prevalent FOB trade terms.

“As you know very well, Nigeria as a nation has no control over the distribution of its crude oil with respect to carriage, insurance and other ancillary services. Under a CIF arrangement, the tide will change in favour of our indigenous operators.”

Peterside added that the agency was joining forces with well-meaning Nigerians to move for the change of trade term from the FOB to the CIF to reasonably involve indigenous operators in Nigerian cargo affreightment.

He said, “This will not only give distribution control of our hydrocarbon resources to Nigeria but will also enable us to empower our people through cargo lifting and meaningful participation in the entire value chain of our export goods.

“As you are aware, the CIF will enable Nigerians to participate in cargo lifting, cargo insurance, create jobs for our teeming cadets and other ancillary economic and security derivatives.

“The plans are on top gear to reach out to relevant agencies of government and very soon, we shall do an executive memorandum to the Federal Executive Council for consideration and approval.”

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