SHIP OWNERS TO OYETOLA:  Disburse CVFF To Promote Cabotage Laws

The Nigerian Shipowners Association (NISA), has  called on the Minister of Marine and Blue Economy to urgently look into the disbursement of the Cabotage Vessel Financing Fund (CVFF)  and the establishment of Maritime Bank to cater for the specialized business of maritime in Nigeria.

President of NISA, Otunba Sola Adewumi disclosed in a press statement made available to DAILYFOCUS NIGERIA, on Tuesday.

While reacting  with skepticism to the statement credit to the Hon Minister of Marine and Blue Economy to effect that he is tinkering with the establishment of a National carrier during the courtesy call of the Danish Minister of Transportation, Adewumi stressed that the shipping industry must look inward to promoting local content.

The President said that the Minister must have been quoted out of context because of his conviction that the Minister is a strong believer in the Nigeria project and as such believes in a home grown solution to the problems of shipping with active participation of Nigerian ship-owners and investors.

In line with the extant laws, NISA President said regulating the industry including the Cabotage act and  Local Content regulations which were deliberately and painstakingly promulgated is targeted to protect indigenous shipping for national security.

The NISA President therefore appealed to the Hon Minister to quickly rally stakeholders in the maritime and blue economy towards finding a lasting solution to the perennial problems of shipping by ensuring that the Local Content and Cabotage laws are strictly adhered to without any frivolous waivers which gives  latitude to foreign domination.

Adewumi harped on the need for the maritime industry to also access intervention funds like other businesses such as power generation and distribution, infrastructure bank for construction companies and manufacturers with bank of Industry and other Central Bank of Nigeria CBN intervention funds at singe digit interest rate.

Recall that the Minister, of Marine and Blue Economy, Adegboyega Oyetola had assured stakeholders that the federal government would revamping national shipping line to ensuring that Nigeria participate in global shipping