Disburse over $350 million CVFF to indigenous shipowners, League of Maritime Editors urges FG

By Abiodun OBA

The Federal Government has been called upon to disburse the over $350 million Cabotage Vessel Finance Fund (CVFF) to indigenous shipowners to grow local capacity building in the country.

Stakeholders made the call at the 25th yearly Retreat/Award of the League of Maritime Editors (LOME), held in Lagos.

The Stakeholders who made the call, lamented that shipping and ports operation still suffers numerous challenges.

They stressed the need to ensure the ports run 24 hours, while urging the government to address issues like security in the maritime industry.

The President of LOME, Timothy Okorocha, urged President Tinubu to provide the Minister of Marine and Blue Economy, Adegboyega Oyetola and his ministry, the needed impetus to end the unending rat race of the disbursement of the CVFF, established in 2003.

He said Tinubu should start a new lease of life for the capacity development of the indigenous ship owners and to enable Nigeria to participate meaningfully in the nation’s seaborne trade, especially with the proposed commencement of the implementation policy of the blue economy.

According to him, as insiders, the League over the years has seen the genuine struggle by the Nigerian Maritime Administration and Safety Agency (NIMASA) and its leadership, especially under the present administration to disburse the CVFF in its commitment to grow local capacity building, but observe the otherwise disruptive tendencies within the field of political play.

The theme of the event is “Harnessing Nigeria’s Potential in Marine and Blue Economy/The new customs 2023 Act and its implication on trade.”

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