Ship.owners tasked to engage FG, Minister for release of CVFF to stimulate shipping sector
Ship.owners tasked to engage FG, Minister for release of CVFF to stimulate shipping sector
Segun Oladipupo
Ship Owners have been advised to take their destinies in their hands by engaging the presidency and the Minister of Marine and Blue Economy for immediate disbursement of the Cabotage Vessel Financing Fund (CVFF)
The Chief Executive Officer (CEO) of Micura Services Limited, Chief Orobosa Michael Ubogu made the call at the weekend saying the disbursement would help stimulate the shipping subsector and the economy at large.
He added that the CVFF disbursement is necessary to avoid the government losing money due to non Nigerian flagged vessels in the waterways.
He charged the ship owners’ associations to rise to the occasion saying the funds cannot remain dormant in the banks while the economy is in comatose
His words, “I think one of the first things to do is to release the CVFF that have accrued over the years. The money has been there for years and it is just like saving money whine your roof is leaking and when it rains, you are the one that is going to suffer.
“So, the ship owners associations should put more pressure on the Minister and the presidency to release the fund because Nigeria is losing money from non flagging out vessels
“If I am in the position to speak, the first thing is that they should release the CVFF because if you see how much the country is losing from not having a Nigerian flagged vessel, is huge.
“Thank God NIMASA has been able to reduce the rate of piracy in the Gulf of Guinea because there was a time that we always hear of attacks everyday .
“The rate of attacks also affected the premiums on insurance because in insurance, the more risk, the more the premium
“So, if I have any tangible advice for the Minister, the first thing is to release the CVFF,” hr submitted.
Citing the illustration of terminal operators after port concessioning, Chief Ubogu said, “Look at the terminals that were concessioned and see what they have done over time, because sometimes, it is better for you to marry a wife that has hunch back that you know how to climb than marrying a beauty that will send you to early grave.
“The terminals have been there since 2006 and have done well even though they might not have met all the requirements but sixty percent in examination is a pass mark.”
