Group Clamours for Disbursement of $350m Cabotage Fund
Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo
The League of Maritime Editors (LOME) has called on President Bola Tinubu to ensure the disbursement of the $350 million Cabotage Vessel Finance Fund (CVFF) to indigenous ship owners.
The disbursement, according to the group, at this period would help grow local capacity of industry players in the maritime industry.
This was disclosed at the League’s Silver Jubilee titled, ‘Harnessing Nigeria’s Potential In Marine and Blue Economy, The New Customs Act And Its Implication On Trade,’ held in Lagos.
The group’s president, Timothy Okorocha, urged President Bola Tinubu to provide the minister of Marine and Blue Economy, Adegboyega Oyetola and his ministry, the needed impetus to bring to an end, the unending rat race of the disbursement of the CVFF established in 2003.
He stated that, the disbursement of the fund would jump start a new lease of life for the capacity development of the indigenous shipowners and to enable Nigeria participate meaningfully in the nation’s seaborne trade; especially with the proposed commencement of the implementation policy of the blue economy.
“We appeal to President Bola Tinubu to use his good office to prevail on the relevant authorities to respond to the needs of our industry as their can be no better time than now. We also salute Mr. President’s bold steps and visionary outlook and do, hereby, with utmost respect urge to exercise the required political will to push farther by ensuring that the often routine talk about the rehabilitation of collapsed critical port infrastructure receives urgent executive attention.
“As development partners, the League looks forward to the effective participation of the respective agencies in the current administration’s renewed agenda template; and want to see the Nigerian Ports Authority (NPA) begin the reconstruction of broken down asset and infrastructure,” he added.
Also speaking, the inister of Marine and Blue Economy, Adegboyega Oyetola, said he has set up machineries and structures for the sector and made all principal actors and agencies to irrevocably key into realising the potentials of the sector with regards to job creation, social development, increased contributions to national growth and economic development.
Oyetola, who was represented by the director, Press and Public Relations, Olujimi Oyetomi, said the Marine and Blue Economy Sector would witness a rapid transformation within the shortest possible time
“This is also the basis of the ministerial deliverables given by President Bola Ahmed Tinubu, to me and my ministry. We have since taken steps to involve all the agencies under the Ministry to key into this mandate. I must admit that my Ministry has been enjoying a symbiotic relationship with the Maritime Editors with agenda-setting for the maritime sector of which my Ministry is the leading Policy making body.
“I wish to add that most of the suggestions of the Maritime Editors are received in good faith by the management of the Ministry of which I am a principal figure. Even though I am a pioneer minister specifically for the Sector, I have set up machineries and structures for the sector and made all principal actors and agencies to irrevocably key into realizing the potentials of the sector with regards to job creation, social development, increased contributions to national growth and economic development,” he said.
About The Author
