THE Nigerian Maritime Administration and Safety Agency (NIMASA) is set to disburse the $124m Cabotage Vessel Financing Fund (CVFF) in the first quarter of 2019.
The Director-General of NIMASA, Dr Dakuku Peterside disclosed this at the Ship Owners Association of Nigeria (SOAN) Annual Workshop and Dinner which had as its theme, “The Nigerian Maritime Industry: Galvanising stakeholders Engagement for Sustainable Growth.”
Peterside, while delivering a lecture on “Effective Policy Implementation: A Panacea for Sustainable Participation and Growth of Nigerian Maritime Sector” revealed that the agency will begin the disbursement of the CVFF in the first quarter of 2019.
He noted that the disbursement of Cargo Vessel Financing Fund (CVFF) would crash the interest rate to single digit interest rate.
According to him, the effective utilisation of the CVFF will also create more jobs in the country.
Peterside said CVFF would be disbursed before the first quarter of 2019, saying the agency would continue to publish the maritime forecasts to enable ship owners to understand the direction of the industry with the available statistics.
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“NIMASA is working on manpower audit to train Nigerians to attain the level of manpower required in the country and also looking at shipyards by supporting them to equip their vessels to provide jobs for Nigerian youths.
“Singapore had established a policy framework on International Maritime Centre 2030 which it intends to be the centre for connectivity and also the hub of innovation and latent in the world.
“Also the United Kingdom is number one in ship financing and maritime insurance while China wants to dominate trade in the maritime and has done that through a maritime policy called 21st Century Silk Road.
“There was the National Shipping Policy between 1987 and 2003 on cargo sharing rate of 40-40-20 which gave right for NIMASA.
“There is also the Cabotage 2003 policy which enables indigenous operators to dominate coastal trade by building and manning of ships, port reform policy and others,’’ Peterside said.
In his welcome address, the SOAN President, Engr. Greg Ogbeifun expressed satisfaction with the group’s commendable journey and achievements, both nationally and internationally, thanking stakeholders and core decision-makers for the various supports and assistance selflessly offered, in the overall interest of Nigerians.
In his words: “The true potential of the Nigerian maritime sector cannot be realized without effective collaboration between policymakers, regulators, ship owning companies and other key stakeholders. It is on this premise that SOAN was inaugurated and launched to strengthen and sustain the desired connect among key players in the maritime sector while initiating and promoting discourse and activities on emerging issues in the sector for the sake of achieving a robust and holistic maritime agenda.
“Since her inauguration in November 2014, SOAN has become an important enabler of maritime discourse both within and outside Nigeria. In November 2015, SOAN was invited by the Commonwealth Enterprise and Investment Council (CWEIC) to lead the private sector delegation to the Commonwealth Business Forum in Malta.
“Following that successful outing, the SOAN President was appointed a member of the Advisory Board of the Commonwealth Enterprise and Investment Council (CWEIC).
“Further, SOAN has through its engagements, increased government’s interest and participation in global maritime opportunities such as the Nigeria Maritime Autumn Event which was held on the 28th of September 2016 with the Theme “Nigeria’s Maritime Industry as a Driver of Growth”.
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