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- The national authorities of Nigeria has announced that the Cabotage Vessel Financing Fund (CVFF) is present accessible
- The funds are for qualified Nigerian shipowners to entree loans astatine competitory involvement rates to get internationally compliant vessels
- The CVFF, established successful 2003 but ne'er disbursed, has present been activated nether Minister Adegboyega Oyetola’s directive
Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The Nigeria Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF).
The improvement is to unlock entree of up to $25 cardinal per qualified applicant astatine competitory involvement rates.
Source: UGC
The move, announced successful a connection by the Minister’s Special Adviser connected Media and Communications, Bolaji Akinola, marks the extremity of much than 2 decades of administrative delays since the fund’s constitution nether the Coastal and Inland Shipping (Cabotage) Act of 2003.
Part of the connection reads:
“The disbursement of the CVFF represents not conscionable the merchandise of funds, but a profound committedness to empowering Nigerian maritime operators, bolstering nationalist competitiveness, and fostering sustainable economical development."How the cabotae funds volition work?
The fund, estimated at $350 cardinal arsenic of 2024, is designed to enactment indigenous shipowners successful acquiring vessels that conscionable planetary information and show standards.
Oyetola said the CVFF would beryllium administered done approved Primary Lending Institutions to guarantee a transparent and businesslike process, The Nation reports.
He added:
“This is simply a turning constituent that affirms our committedness to section content, economical resilience, and maritime sovereignty.”The erstwhile Osun State politician said the fund’s activation was a deliberate measurement nether President Bola Tinubu’s enactment to reposition the country’s maritime manufacture and trim its dependence connected overseas vas chartering.
His words:
“For implicit 20 years, the CVFF remained a dormant promise. Today, we are bringing it to beingness deliberately, transparently, and strategically. The inaugural arsenic a strategical concern successful the aboriginal of Nigeria’s maritime economy."
Source: Facebook
According to the minister, the disbursement is expected to catalyse maturation successful section shipbuilding and repair industries, make employment, trim superior flight, and physique a stronger indigenous shipping fleet.
NIMASA has already issued a Marine announcement inviting eligible Nigerian shipping companies to use for the fund, successful enactment with the caller directive, Punch reports.
Oyetola said:
“This is not conscionable astir backing vessels; it’s astir rewriting a section successful the nation’s maritime history.“Through this intervention, we volition beryllium securing jobs, strengthening our economy, and redefining our spot successful the planetary maritime economy.”Concerns arsenic the US rejects shipments from Nigeria
Ealier, Legit.ng reported that implicit 70% of shipments from Nigeria to the United States person either been denied entranceway or enactment connected clasp astatine airports.
This worrying inclination has resulted successful important delays, posing large issues for importers and shippers operating successful the US market, according to Ini Daniel, main commercialized serviceman of AAJ Express Logistics Limited, who made the announcement yesterday.
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Source: Legit.ng
