Maritime reforms to encourage FDI

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said the Federal Governments policies in the maritime industry were targeted at encouraging Foreign Direct Investment (FDI) into the sector.While addressing delegates at the West African Shipping Summit, a side event of the ongoing London International Shipping Week, he said the country will set up an International Maritime Arbitration Centre in Lagos, to facilitate the timely resolution of disputes within the Gulf of Guinea area.This, according to him, will significantly reduce the current trend where maritime players in the region head to London, Dubai or Singapore for arbitration on maritime issues.He assured the key players in the global maritime industry that the reforms in the maritime sector were opening up opportunities and invited investors to take advantage of the opportunities.He said: I believe that the Nigerian maritime environment has the largest potential. With a population of about 200 million, which represents over half of the entire population of West Africa, potentials in shipbuilding and ship repair are available.
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