The League of Maritime Editors notes with excitement the recent launch of Cabotage Vessel Financing Fund (CVFF) Application Portal, in what signals possible disbursement of the fund to indigenous shipping operators.
This is coming shortly after the League announced a bold 2026 growth media agenda designed to accelerate Nigeria’s marine and blue economy by exposing bottlenecks and promising solutions through sustained coverage.
The group agreed with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, in his statement during the launch that this is “strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
The League, however, called on the Minister and the management of NIMASA that the launch should indeed lead to effective implementation of disbursement of the fund to indigenous shipping companies, and not just a mere political gimmick in which nothing concrete will be achieved.
Noting that the Director General of NIMASA, Dr. Dayo Mobereola, appears affirmed on this, disclosing that the agency has established a dedicated CVFF unit to drive implementation, the group pointed out that this time, the disbursement should be real.
In a statement signed by the President of League, Mrs Remi Itie, Secretary General, Femi Kumuyi and Public Relations Officer, Francis Ugwoke, the group explained that its position was based on history where such past efforts and strong promises were mere political statements.
“We state this with all sense of history and patriotism, having observed different promises and efforts in the past towards the disbursement that failed to produce results. Everything ended in bureaucratic circles with no disbursement”, the statement said.
On further deepening of indigenous shipping development, the League also called on NIMASA to now focus effective action on the deployment of the modular floating dock for productive results.
The statement reads, “we note that NIMASA as at last year had not given a clear picture of what has become of its modular floating dock. Surprisingly, the dock which was acquired in 2018 has remained idle.
“The objective was to promote indigenous shipping development so that vessel owners can dry-dock their ships here in Nigeria in what will save foreign exchange.
“This is to boost indigenous capacity in ship ownership, construction, repair, manning, among others. But the floating dock appears to be wasting, incurring heavy costs in maintenance.
“On assuming office, the present DG of NIMASA, Dr. Dayo Mobereola, had promised to deploy the modular floating dock, but indications are that this is far from being achieved. The agency needs to do more to ensure that the facility which has the capacity to handle 10,000mt of vessels is deployed to action and profitability. This should be part of the targets of the agency for the year. If the floating dock works, it becomes part of the renewed hope agenda of the President Ahmed Bola Tinubu”.
The group equally called on both Ministry of Marine and Blue Economy to now work harder than ever before to ensure that Nigerian shipping lines can take part in crude oil affreghtment as against the current trend in which it is dominated by only foreign firms.
“The current policy is one in which the trade terms is on Free on Board (FOB) as against Cost Insurance and Freight (CIF). The FOB trade term empowers only the foreign buyers of the crude oil products to provide the vessels that move the products. This is disadvantageous to Nigerian shipping companies as the foreign exchange earnings they could have earned from this are denied. We recall past efforts by the agency to address this issue. However, we urge the Ministry of Marine and Blue Economy to spearhead a more positive engagement with the Ministry of Petroleum to ensure that the policy of CIF is introduced. This requires a stronger push to get the political will to achieve. As at 2020, Ship Owners Association of Nigeria (SOAN), and Nigerian Shipowners Association (NISA), had raised concerns that Nigeria was losing over $2trillion annually to foreigners on the FOB arrangement. Again, if achieved, it will be part of the renewed hope of the present administration for indigenous shipping development”.