The efforts of indigenous ship-owners to acquire new vessels and maintain existing ones will soon become fruitful as $55 million has been injected into the Cabotage Vessel Finance Fund (CVFF).

The CVFF was initiated by the federal government to ensure that Nigerian ship owners are empowered to rise to the challenge of maintaining their fleet and meet the aims and objectives of cabotage as enshrined in the provisions of the coastal and inland shipping Act 2003, but its implementation has suffered several setbacks over the years.

It was revealed that as at June 2010, $55 million had accrued into the fund, which was less than $7 million as at July 2009.

Director-General, Maritime Administration and Safety Agency (NIMASA), Mr Temisanre Omatseye, disclosed the latest figure in Lagos. He said arrangement for the administration of CVFF has reached an advanced stage and the first tranche of disbursement would be concluded soon.

Already, four commercial banks that will serve as primary lending institutions (PLIS) have been selected. These are Diamond  Bank Plc, Equatorial Trust Bank Plc (ETB), Skye Bank Plc, and Fiedelity Bank Plc.

Meanwhile, 240 cabotage vessels have been recorded in the cabotage special registry maintained by the agency. This represents a 450 per cent increase on the 45 vessels that were recorded as at June 2009.

In order to provide what he described as a “funding corridor” for ship acquisition and infrastructural development, the NIMASA helmsman revealed that he and his team are in the forefront of establishing a Regional Maritime Development Bank (RMDB).

Within the period under review, Omatseye said the agency achieved a 24 hour provisional ship registration regime just as it has recorded 1,318 vessels in its registry. This represents a 45 per cent increase from the previous figure at its inception.

The NIMASA Director- General, who gave a run-down of the strides attained in the last one year by the management of the agency under his leadership, said the nation’s apex maritime regulatory authority would be restructured and  re-engineered to improve on its delivery and statutory mandate.

“The destination is Nigeria as a regional maritime centre and a convergence point for regional shipping events and maritime trade logistics hub. We shall collaborate with the Niger Delta Development Commission (NDDC), states and local governments in the Niger Delta region to fund the participation of qualified Niger Delta youths in the National Seafarers Development Programme (NSDP) on the ratio of 20:40:40, he said.

As part of its medium-term goals, Omatseye said the agency will come up with an intervention programme designed to support and complement federal government’s efforts at quick rehabilitation and reintegration of repentant militants.