Connect with us

Business

Shipowners Seek Quick Disbursement Of CVFF

Published

6 years ago

on

Indigenous shipowners in the country have called for the quick disbursement of the Cabotage Vessel Financing Fund (CVFF) to enable them acquire more tankers and dry cargo vessels to enhance their operation.
The President, Shipowners Association of Nigeria, (SOAN), Engr Greg Ogbeifun said this in Lagos on Friday while emphasising on the need to create more jobs for youths.
Ogbeifun said it had become imperative not only to disburse the CVFF, but to also do it at a single digit interest rate, to effectively make provisions for purchase of more vessels.
He further urged stakeholders to focus on achieving a common goal of growing the Nigerian maritime industry and to boost the Gross Domestic Product (GDP), pointing out that if all stakeholders, as well as government agencies collaborate, the maritime industry will surge faster.
Ogbeifun in a statement made available to The Tide said the proper management of the maritime industry would assist the Federal Government to entrench diversification from oil, to non-oil revenue.
“The whole essence of Cabotage Vessel Financing Fund is to enable shipowners have access to the fund at a single digit interest rate.
“The political will from the Nigerian Maritime Administration and Safety Agency (NIMASA) had, however, been challenging.
“We ship owners must ensure that we are eligible to access the fund. We need to look at our processes and system to ensure we meet the requirements.
“We are making progress but we need the media to continue with the news that will enable every player in the shipping industry to do the right thing,’’ Ogbeifun said, stressing that Nigerian ship owners must focus on owning ships now.
The nation’s foremost shipowner frowned on merely concentrating on chartering ships from London by Nigerian ship owners, noting that purchasing tanker and dry cargo vessels would help in creating more jobs for youths.
Ogbeifun insisted that if Nigerian ship owners purchase vessels, it would enable indigenous shipping operators to charter vessels in Nigeria, rather than from London.
The Association President said the essence of CVFF which was introduced in 2004 based on two percent freight earnings of shipping operators engaged in coastal shipping services is to enable ship owners have access to the fund at a single digit interest rate.

 

Chinedu Wosu

Related Topics:
Continue Reading

Business

MWUN Backs Nigeria’s Bid For IMO’s Category C Seat

Published

5 days ago

on

June 20, 2025

By

The Maritime Workers Union of Nigeria (MWUN) has pledged its full support for Nigeria’s bid to return to Category C of the International Maritime Organisation (IMO) Council.
It also commended the Nigerian Maritime Administration and Safety Agency (NIMASA) for its transformative role in maritime security and governance.
Speaking in Lagos over the weekend, President-General of the Union, Comrade Francis Bunu, lauded NIMASA’s significant achievements, particularly in combating piracy in the Gulf of Guinea.
 He noted that the Agency’s efforts have significantly improved safety and stability on Nigerian waters.
“We now have peace on our waters, and this achievement is commendable. It also enhances regional stability and boosts investor confidence,” Bunu stated, citing NIMASA’s commitment to maritime safety as a key driver of Nigeria’s growing prominence in global maritime affairs.
Comrade Bunu further pledged that MWUN would mobilise support through its international affiliates to advocate for Nigeria’s IMO Council bid, emphasising that the country has both the expertise and leadership to make meaningful contributions on the global maritime stage.
“Nigeria is long overdue for a return to the IMO Council. A vote for Nigeria is a vote for Africa”, he asserted.
He also commended President Bola Ahmed Tinubu for establishing the Marine and Blue Economy Ministry, describing it as a “bold and visionary step” that will unlock investment opportunities and create employment across the maritime sector.
“The creation of the Ministry is a strategic move that aligns with global trends. It opens new economic frontiers and supports our youth through job creation and skills development within the blue economy space”, Bunu stated.
Reaffirming the Union’s commitment to collaboration, the MWUN leader assured stakeholders of continued engagement aimed at fostering industrial harmony, particularly within the dock labour sub-sector.
“Under my leadership, MWUN will continue to work with all maritime stakeholders to ensure peace, progress, and sustained sectoral growth”, he pledged.
As the world looks ahead to the 2025 Day of the Seafarer, themed “Our Ocean, Our Obligation, Our Opportunity”, Bunu emphasised the importance of sustainable ocean governance and the critical role of seafarers in global trade.
“MWUN remains steadfast in its advocacy for seafarers’ rights, decent work conditions, and responsible stewardship of our ocean resources. Nigerian seafarers deserve our gratitude for their immense contributions to global commerce”, he said.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

Food Security: FG To Review Nigerian Agric laws

Published

5 days ago

on

June 20, 2025

By

The Federal Government has taken steps to review Nigeria’s agricultural laws to promote the development and enhance food and nutrition security in the country.
The Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi,  stated this recently at the opening of the stakeholders’ workshop and input on the Nigeria Agricultural Laws Reform in Abuja.
Abdullahi said these laws, which are the subjects of review or amendment, have been enacted for a very long time to provide the legal frameworks for the promotion and development of the agricultural sector.
“The sector’s dynamism is evident in the shift from traditional farming practices to more modern techniques, diversification of crops and livestock, as well as adaptation to changing weather patterns.
“This is in addition to the challenges of insecurity, climate change and high input costs which continued to affect agricultural inputs.
“In view of the above, it is imperative to formulate legal frameworks to facilitate the key aspects of improvement in Nigerian agriculture aimed at addressing the problems affecting the sector”, he said.
Noting government policies and initiatives are aimed to boost agricultural production to meet the food needs of the growing population, Abdullahi said efforts were being made to support small holder farmers through access to finance, training and technology.
He also said there was growing awareness of the need to address gender inequality in agriculture and empowering women to participate in decision-making and access resources.
The Minister further said the review of the Nigerian Co-operative Societies Act was a priority, as it was intended to feature among the President’s legacy achievements under his Cooperative Revamp and Reform Initiative.
According to him, “Federal Government’s approach to agriculture is multifaceted, encompassing policy development, financial support and infrastructural development.
“The goal is to create a thriving and sustainable agricultural sector that can contribute to food security, economic growth and overall well-being of Nigerians”.
In his remarks, the Permanent Secretary of the ministry, Dr. Marcus Ogunbiyi, said a strong and robust legal framework was crucial for the agricultural sector.
Earlier, the Director, Legal Services in the ministry, Mr. Isimbabi Garba, underscored the urgent need to reform and reposition Nigeria’s legal framework to support a modern, vibrant, and resilient agricultural economy.
Garba said the event also represented a significant step towards strengthening the country’s agricultural sector and ensuring food security for the nation, adding, “Agricultural law reform is crucial to Nigeria’s economic growth, food security and sustainable development.
“The law plays a significant role in shaping the agricultural sector, and updating our laws will help us address emerging challenges and opportunities”.
Continue Reading

Business

Okpebholo Charges Committee To End Herders, Farmers Clash In Edo … Inaugurates Boundary Committee

Published

5 days ago

on

June 20, 2025

By

Edo State Governor, Monday Okpebholo, has charged the newly established Livestock Control Committee to bring to an end the pervasive clashes between herders and farmers.
He gave the charge while inaugurating the 27-member committee, headed by a retired army general, Cecil Esekhaigbe.
The Governor gave the committee a clear mandate, which include tackling the pressing issues of security and land disputes in the State.
“There is a task that we need to handle carefully while this assignment is being carried out. We have to carry it out with the fear of God so that we can have the best time and result. We can see what is happening today. Herders clash here and there.
“You have to confine them to a particular location. That is the essence of this committee. I have people with a wealth of experience on the committee. So, I believe that with God on our side, we are going to achieve our purpose”, he said.
In his remark, Chairman of the committee, General Esekhaigbe (rtd), outlined the committee’s specific terms of reference which include, “regulating the movement of livestock within the State; inspecting, certifying, and registering all ranches; and controlling the activities of cattle herdsmen within various communities.
“I know security is one of the pillars of your five-point agenda, and we all know that one of the causative factors of insecurity in Nigeria as a whole is farming.
“We will do our best to make sure that our assignment, which has been given to us, is carried out to the best of our abilities. And to ensure that these community clashes in farmers’ areas  will not be mentioned in our dear state.”
In a related development, Governor Okpebholo also inaugurated a high-powered Boundary Committee, chaired by the State Deputy Governor, Dennis Idahosa.
The committee is tasked with the responsibility of addressing persistent boundary disputes affecting communities within the State and those bordering neighbouring States.
“I am happy to see this moment because communities, especially the ones that share boundaries with us, have issues that border on clear landmarks.
“We have Lagos, we have Ondo, we have Delta, we have Kogi State. So, we have boundary crises here and there. For this reason, I think the people before me today are the best to handle this task for the betterment of the Edo people,” Okpebholo stated.
Responding, the Boundary Committee Chairman, Dennis Idahosa, assured that the committee will “ensure accurate boundary demarcation, promote peaceful coexistence among communities, and foster development in the areas affected by conflicts while collaborating with all stakeholders and actively engaging with citizens in fulfilling our mandate.”
Continue Reading

Trending