shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » CVFF: NIMASA Secures $200million Loan for Indigenous Ship Owners

CVFF: NIMASA Secures $200million Loan for Indigenous Ship Owners

by Joshua
October 26, 2009
in Uncategorized

There is hope that Nigerian ship owners will begin to have better tonnages and also be able to participate more actively in Cabotage operations. This is because the Nigerian Maritime Administration and Safety Agency (NIMASA) said last week that it has secured a whopping $200million facility from banks, solely for acquisition of ships.

The facility is in addition to existing $40million Cabotage Vessel Financing Fund (CVFF) which is equally ready for disbursement to indigenous ship owners. 

The loan package was unfolded last week by the director general, NIMASA, Mr Temi Omatseye at a press conference to mark the first 100 days of the new management of the agency.

He lamented that it has been difficult to take maximum advantage of the Cabotage Act because of the unfair standards that are always raised by international oil companies, saying that these companies often argued that Nigerian bottoms are rusty and fallen short of internationally acceptable standard.

He said while NIMASA will not be directly involved in granting of loans, it will however stand as the guarantor of such loans when they are given by the banks and that the indigenous shipping companies will only need to show evidence of performance.  

Omatseye however advised Nigerian ship owners to also aspire to meet international standard, saying that the international oil companies (IOCs) are continually raising the standard so as to perpetually bar Nigerians from their fair share of petroleum products lifting business.

According to him, it is more painful that most of the foreign ships operating on Nigerian waters and which the IOCs prefer to patronise are not even registered with NIMASA.

He said that by this week a letter will be written to all concerned to stop giving cargo to any ship that is not registered with the agency, just as he acknowledged that rather than exclude Nigerian companies from the business, the foreign shipping companies should team up with their Nigerian counterparts to take advantage of the country’s Cabotage act which according to him, is beneficial enough.

The NIMASA boss added that it is possible to make Cabotage to work effectively if the problem of literage is taken care off. He stressed that once Nigerian have ships to off load products from in-coming bigger ships, then indigenous ship owners will have so much to do.  

 


Related Posts

ECOWAS Electricity Agency Assures Of Stable, Affordable Power Across W/Africa From 2023

FG Urges Entrepreneurs To Embrace ECOWAS Trade Scheme

May 19, 2023
Nigeria Targets Over $500 Million From Cashew Export

Weekly Global Marine Incidents May 8, 2023

May 8, 2023
Stock Exchange Closes Week With 24 Gainers 27 Losers

Stock Exchange Closes Week With 24 Gainers 27 Losers

May 1, 2023
Investors Buyout Norwegian Car Carriers from Klaveness

Investors Buyout Norwegian Car Carriers from Klaveness

May 1, 2023

Discussion about this post

Latest News

Vessels Expected At Lagos Ports As At 6th June, 2023

Vessels Expected At Lagos Ports As At 6th June, 2023

June 6, 2023

MWUN Call Off Strike Action As Shipping Coys Agree On Acceptable Condition Of Services 

NIMASA Debunks Nepotism Allegations Says Structure Based On Merit Professionalism 

Reps Summon NEPC MD Over Status Of $1.67bn Crude Oil Revenue

Court Sentence Three To Two Years Imprisonment Over Assault On Customs Officers

Customs Seizes Pangolin Scales Worth N432m In Bauchi

Customs PTML Welcomes Comptroller Saidu Yusuf, As Mahmoud Ibrahim Bows Out

Do you think Navy handled the prosecution of MV Heroin Idun very well?

Lesson From MT Heroic Idun    

Nigeria Stock Exchange Closes Market With Market Capitalization Of N30.4trn

We Won’t Fix Petrol Prices Again – NMDPRA

Subsidy: CPPE Urges FG On Interventions To Mitigate Impacts

kindly like our Facebook page

Health

  Taking Aphrodisiacs To Improve Sexual Potency, Dangerous — Experts
Health

  Taking Aphrodisiacs To Improve Sexual Potency, Dangerous — Experts

June 5, 2023

Health experts have described the trending addiction to aphrodisiacs by youths and some male adults for sexual potency as harmful...

COVID-19: Fifth Wave Looms As Nigeria Records Three Deaths In One Week

Most Diseases Are Preventable

May 29, 2023
Garcinia Kola: The Magic Of Chewing Just One Bitter Kola

Benefits Of Bitter Kola

May 29, 2023
FG To Place 80% Hypertensive Nigerians On Standard Treatment

FG To Place 80% Hypertensive Nigerians On Standard Treatment

May 22, 2023
High Blood Pressure Explained

High Blood Pressure Explained

May 22, 2023
Some Impressive Health Benefits Of Onions That May Interest You

Some Impressive Health Benefits Of Onions That May Interest You

May 22, 2023
Failed IVF Cycles Not End Of Parenthood Journey

Failed IVF Cycles Not End Of Parenthood Journey

May 15, 2023
COVID-19: Fifth Wave Looms As Nigeria Records Three Deaths In One Week

COVID-19: Nigeria Embarks On Integrated Health Emergency

May 15, 2023
Some Health Benefits Of Eating Groundnuts (Peanuts)

Some Health Benefits Of Eating Groundnuts (Peanuts)

May 15, 2023
BEWARE: Too Much Sex Is Bad For You!

DANGER: Why Sudden Death Happens During Sex – Expert

May 8, 2023

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition