N72b Vessel Financing Fund: Amaechi constitutes committee

The honourable Minister for Transportation, Rt. Hon, Chibuike Amaechi has constituted a committee to develop guidelines for the distribution of the Cabotage Vessel Financing Fund (CVFF). The committee has NIMASA DG, Dr. Dakuku Peterside as Chairman and the Chairman of Nigerian Ship Owners Forum, Mrs. Margaret Orakwusi as Vice Chairman. Members of the committee includes Emeka Ndu of C&I Leasing; Managing Director, Starz Marine, Engr. Greg Ogbeifun; and President, Nigerian Shipowners Association (NISA), Aminu Umar. Amaechi who made the announcement in Lagos said that aside enhancing indigenous contents in the maritime sector, the fund will boost the maritime sector, which will in turn, create jobs and grow the nation’s economy.

“We have looked at the old guidelines and we have seen that it will not be favourable to every party involved. Our commitment towards ensuring the disbursement of the CVFF remains unwavering, hence, the reason we are setting up this committee to look at the guidelines and come up with a workable one that will suit all parties involved,” Amaechi said.

In his response, the Chairman of the committee and Director General of NIMASA, Dr. Dakuku Peterside said his agency was committed to growing the maritime sector while involving our indigenous hands.

Dakuku said: “On our part as an Agency, our utmost goal is to grow the maritime sector and encourage more indigenous participation. “We are working with the Ministry of Transportation and also discussing with the Central Bank of Nigeria, to see the possibility of granting loans to qualified operators at single digit interest rate, as this will give room for greater participation and also open up vistas of opportunities for massive job and wealth creation in the sector.”