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Non-disbursement of CVFF threatens shipping development, Group warns

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By Oko Ebuka

A foremost maritime capacity building organization in Nigeria, Zoe Maritime Resources Limited, have advised the Federal government to exercise its political powers and quickly disburse the Cabotage Vessel Financial Fund, CVFF, that was created by the Coastal and Inland Shipping Cabotage Act (2003), to prevent it from posing a threat to shipping   in Nigeria.  

According to them, “Government must exercise the political will to disburse the Cabotage Vessel Financing Fund created by the Coastal and Inland Shipping Cabotage Act (2003). The non-operation or disbursement of the Cabotage Vessel Finance Fund is a deeply disturbing matter, which presents both an opportunity and a threat to Shipping in Nigeria.”

The organization also warned the government of the looming danger ahead if the neglect that led to the failed Ship Building and Ship Acquisition Fund under the defunct National Shipping Policy.

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“There is a need to learn from the pitfalls of the failed Ship Building and Ship Acquisition Fund under the defunct National Shipping Policy.”

Disclosing this to  Vanguard Maritime Report  through the public relations officer,  Elizabeth Eli,  in a communiqué on  their  second quarterly Maritime  business roundtable breakfast meeting with the theme, “Financing Maritime Infrastructure in Nigeria”, recently held in Lagos,  the group stated that despite the CVFF probably not the final solution to the problem of ship acquisition, it still represents a real and practical means  of  assisting ship operators and indigenous investors in   the Nigerian maritime space to become ship owners and   to grow Nigerian   tonnage  while developing local capacity.

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