By Desmond Ejibas
Port Harcourt – The Federal Government says it will soon disburse the Cabotage Vessel Financing Fund (CVFF), to enable indigenous shipping operators to compete favorably with their foreign counterparts.
The Minister of Transportation, Malam Mu’azu Sambo gave the disclosure at the inauguration of two marine boats acquired by the National Inland Waterways Authority (NIWA) in Port Harcourt.
The News Agency of Nigeria (NAN) reports the CVFF is an intervention fund created for the development of indigenous shipping operations in the country.
The fund, which has grown to 350 million dollars in 19 years, is set aside to fund indigenous shippers; maintain existing vessels, and also to acquire new ones.
Sambo said the Federal Government was fully committed to building local capacity, to enable shippers to grow their businesses and boost the maritime economy.
“So, the CVFF is a low hanging fruit that I will do everything within my powers to ensure that the fund is disbursed to Nigerians as quickly as possible.
“The early disbursement will ensure that Nigeria ship owners can increase their capacity as well as generate wealth here instead of patronizing foreign ships.
“This will also ensure that such business is not taken out from Nigerians, thereby rendering us jobless.
“So, I assure you that I have already put in place machinery to ensure that we benefit from the CVFF before the end of this year (2022) by God’s grace,” he said.
The minister said that inland waterways transportation remained an alternative means that can drive economic growth and development due to the nation’s vast maritime space.
On Onitsha port, Sambo said the ongoing concessionaire of the port must be monitored and equipped with modern facilities, to ensure seamless movement of cargoes.
He urged the managing director of NIWA to make its marina area office a hub for trans-shipping of cargo from Lagos through the intra-coastal routes to Warri, Onitsha and Baro port.
“So, any support NIWA will require to kick off this project, I will give to the authority.
“It is important that NIWA move as quickly to get this channel management operational,” he added.
Earlier, the Managing Director of NIWA, Dr George Moghalu said the authority had issued licenses to several companies, to commence transportation of cargoes, especially from Lagos and Onne Ports, to the hinterlands.
He said the newly acquired boats would enhance the operational efficiency and capacity of the authority to carry out its mandate.
“NIWA has in the last one year acquired more than 20 different boats, including patrol boats, tugboats, house boats and water ambulances, distributed to various area offices and authorities.
“Our desire is to provide a safe, efficient, cost effective and alternative mode of transportation of goods and persons, as well as become competitive and attractive.
“There are huge opportunities in the nation’s inland waterways but this can only be maximized if concerted efforts are made to develop the infrastructure,” he said. (NAN)
