Mr. Peterside informed that Nigeria plans to establish an International Maritime Arbitration Centre in Lagos, in order to enable the timely resolution of disputes within the Gulf of Guinea region. This will in turn significantly decrease the current trend where maritime players in the area head to London, Dubai or Singapore for arbitration on maritime issues.
He also explained that the reforms in the Nigerian maritime sector are creating opportunities in the industry, and for this reason he invited investors to leverage them.
He specifically stated that the Nigerian maritime environment has a large potential, as it represents more than half of the entire population of West Africa. The potentials regard shipbuilding and ship repair.
What is more, in the next five years, ships built outside Nigeria will not be allowed to take part in cabotage trade. For this reason, NIMASA's Director-General called interested parties to invest in the shipbuilding and ship repair industry in Nigeria.
What is more, he revealed that the Nigerian Ship registry is being transformed, in order to be more attractive by providing provisions for both national and international players.