The continued non – disbursement of the Cabotage Vessels Financing Fund, CVFF, is one of the Cardinal issues discouraging the growth of the indigenous Shipping in Nigeria.
So says the President of Ship Owners Association of Nigeria, SOAN, Dr Mecgoerge Onyung while chatting with journalists in Lagos.
Dr Onyung explained that the Association would increase the tempo of engagement with the Nigerian Maritime Administration and Safety Agency, NIMASA and the Federal Ministry of Transportation, over the disbursement of the funds to the deserving members.
The Cabotage Vessels Financing Fund was created for the benefit of indigenous Ships Operators and the fact that it has not been disbursed for a very long time, means there are a lot of fine-tuning to be effected.
To achieve Nigeria’s dream of becoming a Shipping hub in the West a d Central African region, Dr Onyung said, his Association would constructively engage the Stakeholders in the Shipping sub sector, especially the policy makers on the issue.
Other issues he raised were waivers to foreign Ship Owners, the CBN’s Intervention funds and special interest rates for Operators in the Maritime Industry.