Unlocking Nigeria’s Maritime Potential: A Call for the Disbursement of $350m CVFF
The League of Maritime Editors (LOME) recently celebrated its Silver Jubilee with the theme “Harnessing Nigeria’s Potential in Marine and Blue Economy/The New Customs Act and Its Implication on Trade” in Lagos. Throughout the event, stakeholders urged President Bola Tinubu to allocate the controversial Cabotage Vessel Finance Fund (CVFF) to indigenous ship owners and to encourage local capacity building in the country.
In his opening remarks, Chief Timothy Okorocha, the President of LOME, made a plea to President Tinubu to provide the necessary support to Minister of Marine and Blue Economy, Adegboyega Oyetola and his ministry in order to bring an end to the prolonged process of CVFF disbursement. According to Okorocha, this is crucial for the development of indigenous ship owners and to ensure Nigeria’s active participation in national seaborne trade, especially in light of the proposed policy implementation of the blue economy.
Okorocha also acknowledged the efforts of the Nigerian Maritime Administration and Safety Agency (NIMASA) in their attempts to disburse the CVFF for the promotion of local capacity building, but he also pointed out the obstacles within the political landscape. He called on President Tinubu to demonstrate the necessary political determination to push for the restoration of critical port infrastructure.
Furthermore, Dr. Charles Okoroefe, a maritime expert and lecturer at the Maritime Academy of Nigeria (MAN Oron), stressed the importance of the Minister of Marine and Blue Economy collaborating with other ministries such as Agriculture, Power, and Tourism to fully realize the potential of the new ministry. Okoroefe highlighted untapped opportunities in marine tourism, deep-sea mining, and renewable energy in Nigeria, emphasizing the need to address youth unemployment through these avenues.
During the event, Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi, provided insight into the implications of the new Customs Act 2023 on trade facilitation, especially in the maritime sector. He emphasized the focus on trade facilitation, surveillance of maritime activities, and the use of technology to address international trade and border management issues.
Furthermore, freight forwarder Otunba Frank Ogunojemite highlighted the challenges faced by operators at Nigerian ports due to neglect by the Federal Government. He drew attention to issues such as server failures at the port, resulting in significant demurrage costs for importers and freight forwarders.
In response, the Minister of Marine and Blue Economy, Adegboyega Oyetola, expressed his dedication to the sector’s development. He highlighted the ministry’s efforts to collaborate with relevant agencies and engage with stakeholders to realize the potential of the marine and blue economy sector.
The LOME event drew key figures from the maritime industry, emphasizing the importance of discussions around the CVFF disbursement and the development of the marine and blue economy sector in Nigeria. As the country looks to capitalize on its maritime potential, the involvement of stakeholders and government support are essential for driving meaningful change and progress in the industry.
