The Cabotage Vessel Financing Fund (CVFF) will not be enough to fund the huge demand for building the Nigerian maritime and shipping assets.
The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside stated this propelled agency to seek other ship financing models as NIMASA had held discussions with government agencies such as the Central Bank of Nigeria (CBN) and other financial institutions on provision of funds at low interest rates for the nation’s shipping.
He identified asset building/acquisition and human capacity development as two factors that would enable Nigerians play a major role in the maritime and shipping sector.
The NIMASA boss stated this at while unveiling the 2019/2020 maritime forecast in Lagos yesterday.
“We have been engaging with government at the highest level to push for special intervention fund, special interest rate and other incentives that will drive optimal performance in the sector. We shall not relent in our drive to put the right framework together to help beneficiaries and investors have good return on investment.
“The country is also making huge investments in human capacity development in the sector, which means that more Nigerians will get involved in shipping, especially, in shipping operations,” Dakuku stated.
The Director General also disclosed that the government had made consistent effort to drive changes in the maritime and shipping sector through regulatory and infrastructural developments.
He added that the main public bodies regulating the maritime and shipping sector had all keyed into the government’s strategies to reform the operating environment and improve on the country’s ease of doing business index, which has the potential of attracting more businesses to the maritime industry.
He said 2018 offered government opportunities for strategic changes in policies to restore growth in the economy, invest in the people and build a globally competitive economy, assuring the stakeholders of the agency’s resolve to push for reforms that will help grow the maritime sector.
“Building and enhancing indigenous capacity in the shipping and maritime sector and ensuring a conducive playing field for operators to tap into the vast economic benefits inherent in shipping will be made a priority,” noted Peterside.
The theme of the 2019 forecast is “Harnessing the Maritime and Shipping Sector for Sustainable Growth.”