Nigeria has introduced a new regulation which ensures that certain components of vessels built to operate in Nigeria are fabricated within the country. According to All Africa Global Media, Nigerian investors that wish to buy new ships will be required to submit their Nigerian content plan to the Nigerian Content Development and Monitoring Board (NCDMB), with effect from January 2015.
Submission of the Nigerian Content plan by the prospective vessel owners would help the NCDMB to determine the components of the new vessel that would be constructed in Nigeria and the ones to be built in foreign yards.
"If you don't submit the Nigerian Content plan and you go and build your new vessel in Korea or India and come back to Nigeria, it will not work in Nigeria"
Nwapa said his compatriots owners are no longer buying second-hand vessels but they still plan to order newbuildings in Asia. He said it took the federal government 10 years of struggle to ensure local integration of floating production storage offshore (FPSO) vessels in Nigeria.
Dry Bulk Shipping News - Shipbroker Notes