New Telegraph

Local Content: Jamoh Canvasses Review Of Oil &Gas Freight Terms

Worries by the huge loss the Nigerian economy suffer over the carriage of oil and gas cargo under Free on Board (FOB) freight terms, the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, has urged the new administration of President Bola Tinubu to review the freight terms to now be on the basis Cost, Insurance and Freight (CIF).

He spoke at the recent 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State. Jamoh said that the policies of the current administration at the agency are tailored to complement efforts of the Nigerian Content Development and Monitoring Board (NCDMB) to grow the Nigerian economy through the Oil and Gas sector.

The NIMASA DG, who was represented by the agency’s Director of Cabotage Services, Mrs. Rita Uruakpa at the urged stakeholders to consider a change of trade terms in the Oil and Gas sector from the Free on Board (FOB) to the Cost, Insurance and Freight (CIF) model.

According to the efforts of the NCDMB at helping in the development of the indigenous maritime sector had not gone unnoticed saying “We appreciate the efforts of the Nigerian Content Development and Monitoring Board at growing the indigenous maritime sector, such as the proposed Brass Shipyard.

We at NIMASA will continue to strive for the development of our maritime sector by pursuing policies that will ensure the indigenous capacity is grown, which in turn will impact on our fleet expansion to position them to be able to participate in the affreightment of the products’.

Speaking on opportunities for indigenous businesses in maritime, Jamoh said, “I want to reiterate that we must also create a suitable and sustainable business and investment environment that will afford indigenous operators’ opportunities to participate in the oil & gas industry with a view to accelerating Nigeria’s income for the Oil Industry which in turn will impact our GDP”.

On his part, Mr. Simbi Wabote Executive Secretary NCDMB, charged firms operating in the sector to prepare adequately, restating that the oil and gas industry is highly technical and does not compromise safety and standards.

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