NIMASA forecasts 5% growth for maritime sector

The Directoincreasel, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has projected the nations maritime industry to grow by 2.5 5 per cent in 2018 and 2019.
The statistics was released in Lagos during the unveiling of NIMASAs maiden forecast.
He also projected an increase in demand for maritime services in Nigeria during the period.
The analysis in the publication as presented by Peterside showed that Nigerians should expect total fleet size to grow by 4.08 per cent in 2018 and 4.41 per cent in 2019 and projected that oil tanker fleet size is expected to fall by 2.23 per cent in 2018 and increase by 1.7 per cent in 2019.
The non-oil tanker fleet size was projected to increase by 8.15 per cent in 2018 and 8.72 per cent in 2019 while the oil rig count is projected to increase by 27.67 per cent in 2018 and 0 per cent in 2019.
While noting that the maritime sector plays a major role in the exploitation, distribution and export of Nigerias ocean resources, with a total annual freight cost estimated at between $5 and $6 billion annually, the NIMASA presentation indicated that the maritime component of the Nigerian oil; & Gas industry was worth an estimated $8 billion further reflecting the prominence of the sector to the Nigerian economy
The forecast according to NIMASA is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain.
Peterside stated that the forecast period 2018-2019 covers a time of continuous recovery from recession, to the 2019 general elections and finally culminates in the post-election era.
As a regulator, we are driven by values and commitment, as these is the only ways that investors can be attracted to harness the great potentials in our maritime sector. On our part, we will continue to work out incentives and maritime sector specific interventions to attract investments, the DG said.
The NIMASA boss expressed delight at the release of the maritime forecast which coincides with the release of the countrys Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS) confirming Nigerias exit from recession. He noted that it is a positive indicator that Nigerias economy has rebound for growth in 2018 and beyond.
The forecast which reviewed developments in the industry in 2017; showed expected International and Local Developments in Policy and Regulatory Environment for the Maritime Sector in 2018 and 2019 and also takes a look at Emerging Opportunities and Challenges for the Maritime Industry; with the aim of realizing a robust and business friendly maritime environment that will also create avenues for economic prosperity.
He identified five bills undergoing legislative processes at the national assembly as key regulatory developments in the Nigerian maritime industry that will affect the maritime industry.
These include the Anti-Piracy Bill, the establishment of the Maritime Development Bank, Inland Fisheries Amendment Bill, the Deep Offshore and Inland Basin Production Sharing Contract Amendment Bill and the Cabotage Act Amendment Bill 2017.
He said the gradual growth being recorded in the sector are the receding crime in the Niger Delta Region, the Deep Blue Economy scale up of our maritime security architecture and continuous collaboration, which is addressing the immediate challenge in this areas aimed at suppressing the emerging threats on our waters.”

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