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Release Cabotage fund or open our coasts for foreign investors—Borha
Leading maritime expert, Mr. C A Borha has called on the Federal Government to either release the Vessel financing Fund as provided by the prevailing Cabotage Act to empower Nigerians invest and internalize the merits of the Act or relax the Act so that foreign shipping groups can come in and grow the coastal shipping business.
In an interview, he said for so many years, the federal government had been reneging on the Act as it continues to grant waivers to foreign shippers.
He said the coastal stretch of the country is a good route to do shipping but Nigerian shippers lacked the capacity to occupy up to 30 per cent of the industry.
The head Analyst at Management and Economic Services group, Borha stressed that “A situation where government will continue to give waivers to foreign ships who want to move materials along our coastal line because we Nigerians lacked the capacity does not mean well for us in the industry”.
“Many local investors have in mind to grow coastal shipping but due to the lack of fund, which we are aware is enough at Cabotage fund, we cannot do much and the coasts are now the dean of pirates and militants instead of Nigerian shippers.
He called on all maritime agencies to close ranks and see how they can assist local investors in shipping to get access to the cabotage financing fund domiciled in NIMASA.