The Nigerian Maritime Administration and Safety Agency (NIMASA), has assured that the over N50 billion floating dockyard acquired in 2018, begins operations before the end of this first quarter.
The Director-General, NIMASA, Bashir Jamoh, disclosed this in Lagos, on Friday during a media parley to review the Agency’s activities in the last year.
He attributed the delay in the take-off of the dockyard to the long process involved in the privatisation of government property.
Jamoh said the floating dock will be handled through a public-private partnership arrangement, and by mid-February, NIMASA should be able to get the final ‘no objection’.
With the floating dock, Nigeria is expected to save about N36 billion yearly in losses to capital flight, as the lack of dry-docking facilities costs between $300,000 and $500,000 to dry-dock a vessel in the international market, hence the need for more of such facilities in-country.
He assured that NIMASA has completed the process for which the Infrastructure Concession Regulatory Commission (ICRC), had issued the approval certificate to the Agency.
He explained that the ICRC gave approval to privatise the modular floating dockyard because it is a bankable, doable and profitable venture.
He said: “We expect that by the end of the first quarter of this year, the floating dockyard will begin operations.
“We have gone ahead to do negotiations with the managing partners, and the co-partner, which is the Nigerian Ports Authority (NPA) that is going to provide the Continental Shipyard for the anchoring of the dockyard. Some people are presently in Dubai to inspect the facilities of the managing partner.”
We have gone ahead to do negotiations with the managing partners, and the co-partner, which is the Nigerian Ports Authority (NPA) that is going to provide the Continental Shipyard for the anchoring of the dockyard.
He also disclosed that foreign partners have also visited Nigeria to ascertain the floating dock is in good shape, and that NIMASA has changed all the parts that needed to be changed before it could be put into use.
He however said the privatisation must be approved by the Federal Executive Council (FEC) because the floating dockyard is a national asset.
Jamoh disclosed that in terms of revenue generation and remittance, NIMASA tripled its contribution to the Consolidation Revenue Account in 2020 to about N31.84 billion, which increased to over N37.69 billion in 2021, despite the pandemic.
“In 2022, the Agency wants to strengthen its maritime safety and security enforcement mechanism, organise a stakeholder engagement towards harnessing the potential of the blue economy.
“The Agency also intends to enhance its revenue collection in order to increase its contribution to the Consolidation Revenue Account,” he said.