The Nigerian Maritime Administration and Safety Agency (NIMASA) have revived attempts to revisit the terms of trade for the carriage of Nigerian crude oil from Free on Board to Cost Insurance and Freight.

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The Director-General, Dr Bashir Jamoh, disclosed this in Lagos when he received a delegation from the Nigerian National Petroleum Corporation.

The NNPC delegation was led by the newly appointed Group General Manager, Crude Oil Marketing Division, Billy Okoye.

The statement was titled ‘Crude Affreightment: NIMASA revives move to change terms of trade’.

The NIMASA Director-General disclosed that a technical committee involving NIMASA, NNPC, and other stakeholders would be set up to develop a template for the desired change, with workable timelines.


NIMASA to review cost of carrying Nigerian crude oil
The Director-General of NIMASA, Dr Bashir Jamoh with the NNPC Group General Manager, Crude Oil Marketing Division, Billy Okoye.

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He commended the synergy between NNPC and NIMASA, saying, “Seventy per cent of the Agency’s revenue comes through the sale of crude. Thus, cooperation between NNPC and NNPC cannot be over-emphasised.”

He also disclosed that” The Maritime Intelligence Unit recently established by the Agency is part of efforts to ensure a proactive approach to security in our waters.

While addressing the meeting earlier, Okoye declared that NIMASA was a “critical stakeholder in the business of crude oil sale.”

Jimoh disclosed that the agency was working towards the implementation of a National Maritime Security Strategy to improve security in Nigerian waters and reduce the cost of shipping.