To counter the annual N180 billion capital flight from Nigeria, the Nigerian Maritime Administration and Safety Agency (NIMASA) announced plans on Tuesday to deploy its N50 billion modular floating dock for vessel dry docking within the country’s waters,leadership reports.

As reported by LEADERSHIP, NIMASA acquired the N50 billion modular refinery in 2018 with the goal of enabling ships of various sizes calling at Nigerian ports to undergo repairs domestically, thereby curbing capital flight resulting from vessel dry docking abroad.

Former President of the Ship Owners Association of Nigeria (SOAN), Engr. Greg Ogbeifun, highlighted that Nigeria’s lack of ship repair yards results in significant annual losses of up to N180 billion to neighboring countries.

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In a press release by NIMASA’s Assistant Director of Public Relations, Osagie Edward, the agency has initiated preparations for the deployment of the Modular Floating Dock for commercial operations.

The Floating Dock has been relocated to a jetty at the Standard Flour Mills in Apapa, Lagos, in anticipation of its transfer to the Continental Shipyard, Apapa, for operational purposes.

The installation of heavy 50-ton cylindrical spuds, used for anchoring the dock, is currently underway.

Dr. Bashir Jamoh, the director-general of NIMASA, expressed confidence that Nigeria will soon save foreign exchange with the dock’s operational commencement, emphasizing the agency’s steady progress towards this goal.

Last year, the Nigerian Ports Authority (NPA) leased designated areas at the Continental Shipyard for the operations of the Modular Floating Dock. These areas include the Dolphin Jetty, waterfront adjacent to the slipway, administrative facilities, workshops for construction, welding, mechanical tasks, and civil maintenance, among others.

The project is set to operate under a Public-Private Partnership (PPP) arrangement.


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