7
Feb 20
Proposed Ban on the Importation of Foreign Built Vessels into Nigeria
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In January 2020, the Nigerian Maritime Administration and Safety Agency (“NIMASA”), through its Director General, Dr Dakuku Peterside, announced the Federal Government of Nigeria’s (“FGN”) proposed plan to ban the importation of certain categories of foreign built vessels into Nigeria from December 2022 (the “Ban on Importation”).
In support of the foregoing proposed plan, it was also announced that the Central Bank of Nigeria (“CBN”) would prohibit the provision of foreign exchange for the purchase and importation of vessels affected by the Ban on Importation and the Nigerian Customs Services (“NCS”) would stop the issuance of import waivers (i.e. Temporary Import Permits (“TIPs”)) in respect of the banned vessels.