UASC SUB REGIONAL SUMMIT: FUEL PRICE MAY DOUBLE JANUARY 2020_Ada Nkong

The Federal government has reiterated its commitment to reducing cost of doing business as well as promoting efficiency and competition for the economic growth and development of the entire west and central African sub- region.
The Minister of transportation, Rotimi Amaechi gave the assurance in his keynote address at the joint committee meetings of the UASC holding in Abuja.
The Minister said the meeting was pertinent especially to enable member states find a way around the challenge of IMO’s new fuel regime expected to take off in January 2020 which is expected to” increase bunker fuel oil by more than 50% and increase cost of port to port sea freight by 10-20%.
Amaechi said it is also necessary that member states ensure ” uniformity in formalities and other procedures and in particular, streamline the number of declarations required at sea ports”.
The Executive Secretary Nigerian Shippers council, Barr. Hassan Bello in his welcome address said the ” objectives of the FAL convention is to prevent unnecessary delays in Maritime traffic, and cooperation between governments ,secure the highest practicable degree of uniformity in formalities and other procedures “.
Bello said ” the subregion must not lag behind in making our ports user friendly and attractive to international trade”.
He called on member states to take advantage of the ” enormous potentials in the maritime industry”
“We need to work assiduously to ensure that necessary measures are put in place to reap the full benefits of that FAL convention by improving service delivery at our ports”.
” Concrete actions will minimize delay and reduce cost of doing business “
The ES said domestic legislations should also be put in place to give effect to the provision of the FAL convention.
By 1st January 2020, IMO will regulate global sulphur levels in fuel from 3.5% to 0.5% mass by mass.