Key takeaways from Jean Chiazor-Anishere’s CVFF paper delivered at colloquium honouring late Otunba Kunle Folarin
A paper delivered by Jean Chiazor Anishere SAN, at a colloquium held on Thursday in Lagos, in honour of one of Nigeria’s esteemed maritime experts, Late Otunba Kunle Folarin, left industry stakeholders in the shipping sub-sector with fine lines setting in motion critical issues to carry on with the discuss around the Cabotage Vessel Financing Fund (CVFF).
The Fund, established by the Nigerian government and aimed at shipping development through indigenous operators, has the Nigerian Maritime Administration and Safety Agency (NIMASA) as the administrator with in shared governance with selected Primary Lending Institutions (PLIs).
Anishere’s recommendations for a successful disbursement of the CVFF include:
- Develop a clear financing mechanism:
To ensure the successful disbursement of the CVFF, it is important to have a clear and transparent financing mechanism in place. This should include guidelines on how to apply for funding, as well as criteria for evaluating and approving applications. It is also important to have a system in place for monitoring and reporting on the use of the funds.
- Encourage local participation:
One of the key goals of the CVFF is to encourage the development of a local maritime industry. To achieve this, it is important to actively encourage and support the participation of local ship owners, operators and shipyards in the acquisition, building and operation of vessels in the country.
- Streamline the vessel acquisition process:
To make the most efficient use of the CVFF, it is important to streamline the process of acquiring vessels. This may include measures such as simplifying import procedures, eliminating bureaucratic barriers and reducing the time and costs associated with acquiring vessels.
- Build a sustainable local shipbuilding industry:
The fund should not just be limited to financing the import of vessels, but also develop and support a sustainable local shipbuilding industry. This will create job opportunities, improve the country’s maritime infrastructure and reduce dependency on imports.
- Monitor and evaluate the impact of the fund:
Finally, it is important to continuously monitor and evaluate the impact of the CVFF on the development of the Nigerian maritime industry. This will help to identify any issues that may arise and allow for timely corrective action to be taken.
It is pertinent to note the importance of having qualified professionals that can help in the disbursement process, provide guidance on the use of the funds and monitor the impact of the fund on the industry.
