Business Hilights
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More stakeholders intensify calls for the disbursement of Cabotage fund by NIMASA

Considering the observed silence by the Nigerian Maritime Administration and Safety Agency (NIMASA) in the calls by shippers and other stakeholders to release the Cabotage Vessel Financing Fund (CVFF) to address the problems of ship owners in the industry, some experts have called for the removal of the Director General.

Last week Business Hilights reported the views of Mr. CA Borha, a maritime management expert who said that this is time for NIMASA to either disburse CVFF or open up Nigerian coasts for foreign shippers to grow the business.

Only Tuesday, former Minister of Interior, Captain Emmanuel Ihenacho joined in the league of stakeholders calling for the disbursement of the fund so as to empower local shippers.

In concrete terms, he advised the Director General of the NIMASA, Dakuku Peterside to disburse the facility, saying “NIMASA should address the issue. It is a strange thing that the CVFF that was conceived so many years ago with so much money contributed by people who offer and users of shipping services and we are still at the stage where people are talking about disbursing it”.

While describing the non-disbursement of the shipping fund as “strange”, Iheanacho queried thus; “What is the purpose of CVFF?

He made it clear that “there is no reason why that money should not be disbursed. The money should not be diverted into other uses or other courses. The money is specific to the promotion of indigenous capacity in shipping and ought to be applied to that end”.

to those who have experience. I have been in the industry for eons, I have spoken about everything. People don’t really listen to things that we say. So people need to listen to the voice of experience. We cannot be treated as if our time as passed. No it hasn’t past. The knowledge and experience that we have has got to be brought to bear on the requirement for us to develop the industry optimally,” the chairman of Integrated Oil & gas summed up.

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