CVFF Disbursement to Boost Shipping Industry's Growth and Development

CVFF Disbursement to Boost Shipping Industry's Growth and Development
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has announced that the disbursement of the Cabotage Vessel Financing Fund (CVFF) will support the growth and development of the shipping business in Nigeria.

 Speaking at a stakeholders' engagement with shipowners and port operators in Lagos, Oyetola emphasized the importance of a holistic approach to the shipping industry, encompassing investments in fleet, regulatory frameworks, local manpower, and operational efficiencies.

The Director of Services, Ministry of Marine and Blue Economy, Mr. Babatunde Bombata, highlighted the opportunities in the shipping sub-sector, including job creation, maritime damage mitigation, tourism growth, investment attraction, and general development. 

However, he noted that the industry faced challenges of sustainability and required adequate funding to prioritize sustainability operations and activities of stakeholders in the maritime sector.

Stakeholders at the event raised concerns and made suggestions, including the need for more investment in water navigation, constant dredging to enable bigger vessel calls at Nigerian ports, and the need to stop collecting duties on vessels calling at Nigerian ports to reduce the cost of goods in the market.

The Director-General, Nigerian Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, assured that the agency had listened to the issues raised by stakeholders and would form objectives for going forward. He stressed the agency's commitment to improving port safety and security to attract more vessels to call at Nigerian ports.

With the disbursement of the CVFF, the shipping industry in Nigeria is poised for significant growth and development, with opportunities for job creation, investment attraction, and environmental sustainability. The government's commitment to creating an enabling environment for businesses to thrive is a welcome development, and stakeholders are optimistic about the future of the industry.

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