N72b Vessel Financing Fund: Amaechi constitutes committee

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

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

In his response, theChairman of the committee and Director General of NIMASA, Dr. Dakuku Petersidesaid his agency was committed to growing the maritime sector while involvingour indigenous hands.

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

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