Begins census of Nigerian businesses of efforts to promote shipping in Nigeria amid COVID-19, Federal Government is considering granting import duty waivers on importation of both old and new vessels. The decision to grant the duty waivers and tax holidays was to stimulate investment and boost activities in the maritime industry, amid the downturn induced by COVID-19.
Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, who conveyed the Ministry of Transportation’s position to the Minister of Finance, Hajiya Zainab Ahmed, in Abuja, reiterated the commitment of the Minister of Transportation, Rotimi Chibuike Amaechi, towards ensuring the growth of maritime in Nigeria.
He said many governments around the globe had introduced massive tax reduction or elimination to spur activities in key sectors and rev up their economies during the coronavirus pandemic.
Jamoh stated: “The maritime sector is critical in the growth and development of transportation and, by extension, international trade in the country. Thus, the need for Federal Government-oriented programmes and stimulus packages to deliver a response that catalyses a sustainable economic development cannot be overemphasised.”
The DG said the proposed incentives included zero import duty for brand new vessels imported by Nigerians or Nigerian shipping companies for use in foreign or domestic trade; 0.5 per cent only import duty for vessels aged between one and five years intended for use in foreign or domestic trade; and one per cent only import duty for vessels aged between five and eight years intended for use in foreign or domestic trade.
Meanwhile, the Federal Government yesterday commenced the enumeration of formal and informal business establishments across the country with a view to reducing poverty, expanding the tax-base and increasing revenue.
At a workshop for the field officers in Abuja, Minister of State for Budget and National Planning, Prince Clem Ikanade Agba said that the move would equally increase the quantum and quality of data required for policy formulation, planning, monitoring and evaluation of government’s planning and projects especially now that Nigeria is on the process of designing and developing the Medium Term National Development Plans (2021 – 2025 & 2026 – 2030) and Long Term (2021 – 2050) National Development Plans, tagged : Nigeria agenda 2050.
The minister who was represented by the Permanent Secretary of the Ministry of Budget and National Planning, Reverend Olusola Idowu, also said that the government cannot achieve its target without an accurate data.
