In a bid to enhance productivity and efficiency in shipping, the Nigerian Shipowners Association (NISA) has resolved to shift focus from the "denied" Cabotage Vessel Financing Funds (CVFF) but now float a $500 million maritime fund to purchase more vessels.
Recall that the Minister of Transportation, Rotimi Amaechi disclosed recently that President Muhammadu Buhari has withdrawn his approval for the disbursement of the CVFF to indigenous ship owners which is supposed to serve as a soft loan for them to purchase new vessels or carry our repairs/resuscitation of existing ones.
The Federal Minister of Transportation who has made several promises to disburse the fund to enable shipowners to acquire vessels in line with the Coastal and Inland Shipping Act of 2003 has failed to deliver such mandate.
While addressing pressmen in Lagos recently, the Chairman of a Steering Committee which was set up on the 3rd of November by the Association's Chairman, Board of Trustees, Chief Isaac Jolapamo, and members, Prince Sunday Omatseye noted that all is set for the association to commence raising funds to generate revenue to get more vessels, a function CVFF was supposed to play.
Among the 7 points agenda to be executed by the committee is to also resuscitate the Nigeria Maritime Expo (NIMAREX) which is aimed at attracting investors who will "come, see and identify opportunities n the Nigerian maritime industry, and showcase the maritime potentials of the Nigerian nation".
Omatseye also noted the committee is to reactivate the association's plan to own a national carrier through ISAN SHIPPING LINE which was registered in 2008 and owned by all the members. He also remained resolute in engaging government representatives in sorting out ways to make the disbursement of CVFF possible.
In his words: "This Steering Committee is set up by NISA to revive the mandate of the association. As we said in the last briefing, we are back and alive. The committee has mapped out seven-point agenda and one of it is to float $500 million maritime funds to acquire vessels and other assets. To achieve this, strategies are on ground already like engaging international financial institutions. However, this does not mean we are leaving CVFF behind but we have to look for other alternatives for now. We need to move on. So, this is one of the plans ahead of us and all the required moves have begun.
"As regards Cabotage fund, we will engage the federal government on possible ways to make the disbursement possible. A lot of propaganda is surrounding the fund but we will sit down with the government to discuss it out.
"We have also determined to revive NIMAREX. The objective has been to showcase the maritime potentials in the country. We have traveled to different parts of the world to attend seminars and maritime exhibitions and we discovered that we have massive and marketable potentials in Nigerian maritime Industry and nothing should stop NIMAREX from carrying out that function. We are bringing it back.
"ISAN has a 2008 registered shipping line which is owned by all the members of the association. We want to reactivate NISA to own its national carrier through the shipping line.
"We are also reorganizing the entire association into a formidable position it was before the 2014 general election and to organize a general election in April 2022.
The committee members are Captain Toyin Brown, Prince Ayo Adedoyin, Captain Taiwo Akinpelumi, and Engr. Josiah Wukari Wasa. The Committee is expected to last for six months.
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