AGENTS SEEK MARITIME FUND SUPPORT FOR FLEET RENEWAL

Maritime agents and ship operators have called on the Federal Government to make the Cabotage Vessel Financing Fund (CVFF) more accessible to support the renewal and expansion of Nigeria’s indigenous fleet.

The appeal was made on Friday during a stakeholders’ forum organised by the Nigerian Shipowners Association (NISA) in Lagos. Participants argued that timely access to the fund is critical to replacing aging vessels and improving the competitiveness of local operators in the cabotage trade.

NISA President, Mr. Temisan Omatseye, said the CVFF remains largely underutilised due to stringent conditions and bureaucratic bottlenecks. “We need the government to simplify the disbursement process and make the fund more accessible to genuine Nigerian shipowners. This will help us renew our fleet and reduce dependence on foreign vessels,” Omatseye stated.

The operators highlighted the high cost of vessel acquisition and maintenance as major challenges facing the industry. They urged the Nigerian Maritime Administration and Safety Agency (NIMASA) to fast-track the approval of applications and ensure the fund is utilised for its intended purpose.

The Director General of NIMASA, Dr. Dayo Mobereola, assured stakeholders of the agency’s commitment to making the CVFF more effective. He said the administration is reviewing the guidelines to address the concerns raised and will work closely with financial institutions to improve access to the fund.

Maritime experts believe that a well-funded and efficiently managed CVFF will boost indigenous participation in the maritime sector, create jobs, and reduce capital flight. They called for stronger collaboration between the government, operators, and financial institutions to achieve the objectives of the cabotage policy.

The stakeholders resolved to continue engaging with the government to ensure that the Maritime Fund supports the growth and modernisation of Nigeria’s shipping industry. The forum ended with a commitment to work together for the development of a vibrant indigenous maritime sector.