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Association wants CVFF invested in maritime development bank

The Nigerian
Indigenous Ship-owners Association (NISA) on Thursday said that the Cabotage
Vessel Financing Fund(CVFF) would be of greater benefit to the industry
operators if it were invested in a maritime development bank.

 Mr Emmanuel
Ilori, the Publicity Secretary of NISA stated this in an interview in Lagos.
He said
difficulty in accessing funding was one of the biggest challenges facing the
shipping industry operations in Nigeria, while foreigners easily accessed cheap
funding, procure vessels and dominate domestic shipping operations.
Ilori, however,
said that empowering the indigenous ship-owners through improved funding would
develop areas like shipbuilding and ship repairs, which is capable of creating
a lot of jobs for Nigerians.
“Access to
funding is one of the biggest issues that is affecting the operations and ship
investment in Nigeria.
“There is a
CVFF, but we as an executive of NISA have said there is no point in giving the
CVFF money to just about six companies.
“What we are
saying is that we should have a maritime development bank like we have the
development financial institutions in Nigeria, because the foreigners that
dominate our economy have access to cheap funding, but then in Nigeria it’s not
“We need to
be able to empower the indigenous owners by having access to development fund.
“Because of
the opportunities in the Nigerian maritime industry we believe that if we have
a maritime development bank, investors will put their money in the bank and we
can use the CVFF money as an investment in the maritime development bank.
“All these
efforts will bring the cost of borrowing, the cost of finance in Nigeria down.”
Ilori said
that the association was more concerned about an enabling environment for their
operations which remained the focus of the executives.
He said that
in line with the focus, a technical workshop in engineering was orgnised to
address some of the industry’s operational needs.
The CVFF was created in 2003 to empower indigenous shipping operators to
procure vessels to enable them compete favourably with their foreign counterparts.
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