The Federal Government of Nigeria says the Ease of Doing Business Initiative program, coordinated by Vice President Yemi Osinbajo is yielding fruits particularly in the maritime sector as red tapes and bottlenecks which hitherto mitigated against investment in the sector, have started disappearing.
Dr. Dakuku who stated this during a side event at the Offshore Technology Conference (OTC) currently going on in Houston Texas, with the theme, “Sub-Saharan African Oil & Gas networking session”, assured select businessmen from the United States of America that the Nigerian Federal Government is focused on attaining ease of doing business in Nigeria, particularly in the maritime sector.
While stating that Nigeria allows income tax exemptions for infrastructural development in ship building, the Peterside noted that there are financial incentives for ship building and ship scrapping with assurance of foreign repatriation of capital and profit.
In his words “We would provide the basket of incentives to ensure that you get into the industry, maximize the opportunities in the industry for the benefit of both Nigerians and the investors.”
While answering questions form journalists shortly after his presentation, the NIMASA DG noted that the Federal Government of Nigeria is working to refloat a national fleet for the country, which will be private sector driven.
In the same vein, Dr. Timothy Okon of the Nigerian National Petroleum Corporation who delivered the NNPC position at the event, informed the audience that the Federal Government’s gas flare commercialization program is on course to attract significant and sustainable growth to the oil and gas sector.
Similarly, Brent Omdahl, a senior commercial officer with the American Embassy in Nigeria said that the Donald Trump administration is committed to improving on the trade relations between the United States and Sub Saharan Africa by encouraging more American companies to invest in the region.
On their part, the Chairman, Senate Committee on Marine Transport, Senator Sani Yerima and Chairman House Committee on Maritime Safety, Education and Administration, Honorable Mohammed Umaru Bago. assured that the legislature is committed to providing the legislative framework to enhance foreign investment in Nigeria, particularly, the maritime sector.
