The Federal Government of Nigeria has announced a landmark decision, directing the
Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) to henceforth collect charges, fees, fines, and other payments in Naira, Nigeria's local currency.
*Economic Boost Expected*
This strategic move aims to reduce Nigeria's dependence on foreign currencies, promote local financial transactions, and boost the nation's economy. The change is expected to have a significant impact on the country's financial landscape, given NIMASA and NPA's pivotal roles in the maritime industry.
*Key Benefits*
- *Increased Economic Independence*: Reduced reliance on foreign currencies shields Nigeria's economy from global market fluctuations.
- *Improved Financial Inclusion*: Local businesses and individuals will benefit from easier access to maritime services, fostering growth and development.
- *Enhanced Regulatory Control*: The Federal Government gains greater oversight and control over financial transactions within the maritime sector.
*Industry Reaction*
Maritime stakeholders have welcomed the move, hailing it as a positive step towards economic growth and self-sufficiency. Dr. Bashir Jamoh, NIMASA's Director-General, emphasized the agency's commitment to global best practices in maritime services.
What's Next
Implementation details and timelines are forthcoming. This development marks a significant stride towards Nigeria's economic development and financial autonomy.
Sources : Wapcodehubnaija
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