By Oluyinka Onigbinde
In what is emerging as a disheartening twist for shipowners and stakeholders in Nigeria’s maritime sector, the prospects of the disbursement of the Cabotage Vessel Financing Fund (CVFF) in 2023 appear to be diminishing.
This is despite the fact that a new Minister of Marine and Blue Economy; Mr Olubunmi Tunji-Ojo is expected to be sworn in later today (Monday), there is growing uncertainty about whether the long-awaited CVFF disbursement will be his priority.
The CVFF which was conceived almost two decades ago to provide critical financial support to indigenous shipowners for vessel acquisition, has been a central issue in the discourse surrounding Nigeria’s maritime industry. The fund was established with the noble goal of boosting local participation in coastal maritime trade, reducing the country’s reliance on foreign vessels, and fostering economic growth.
Checks by our Shipping Position Daily revealed that despite assurances and promises made by successive governments, the fund’s disbursement has remained elusive.
Speaking on behalf of the Nigerian Indigenous Shipowners Association (NISA) the Chairman CVFF Committee of the association, Dr. Edward Sowho said there has been no development about the CVFF disbursement. He mentioned that the CVFF disbursement process is yet to begin but said the disbursement may be initiated once the ministers are officially sworn in.
A member of the Ship Owners Association of Nigeria (SOAN) who pleaded anonymity, in a chat with our correspondent, expressed doubt that the CVFF would be the new minister’s top priority.
He lamented that shipowners no longer find news of CVFF disbursement exciting, even as he recalled that previous ministers like Diezani Alisson Madueke, Rotimi Amaechi and even Mu’azu Sambo have come and gone, without the disbursement of the funds.
He said: “The new minister is not coming for a political rally, he is coming to do some works, and he needs to look at what has been going on and the immediate steps he can take. Cabotage was the last thing that the last Minister did not do, so if it is the first thing he will, do why not, so the industry is waiting, let’s keep our fingers crossed and see what will be his new agenda. But for now, I don’t think there is any news about CVFF disbursement that will excite any ship owner any longer”.
“Because age goes with wisdom and if by this time, some are still dancing around and are excited about the CVFF disbursement, then I really don’t know what to say, we’ve had Diezani as minister of transport, we had Allisson Madueke, we had so many people, including Rotimi Ameachi and Sambo who came to dance for few days,. So, like I said let’s keep our fingers cross” he said.
Further findings among stakeholders revealed that the transition to the Ministry of Marine and Blue Economy raises questions about whether the in-coming leadership will recognize the urgency of addressing the longstanding CVFF disbursement issue.
They opined that, despite the challenges, the new minister might consider the CVFF disbursement a low hanging fruit.
