Home Transport Ship owners call on NIMASA to release $100m cabotage fund

Ship owners call on NIMASA to release $100m cabotage fund


The President, Nigerian Shipowners Association (NISA), Aminu Umar, has called on the Federal Government to intervene in delayed disbursement of the Cabotage Vessel Financing Fund (CVFF) to sustain shipping business.

Umar made the call in a Lagos over the weekend.

The ship owners have been worried over the non-disbursement of the sum of more than 100 million dollars being administered by the Nigerian Maritime Administration and Safety Agency (NIMASA).

The fund has been growing in the last 14 years when the Cabotage and Inland Shipping Act 2003 was enacted.

According to Umar, there is no improvement in shipping business in the country, adding that they are still engaging NIMASA over the fund.

Umar said that there were many indigenous ship owners operating in different sectors of the maritime industry.

He said that presently, Nigeria had more than 20 active ship owners in the downstream of the oil and gas sector, adding that there were over 100 ship owners operating upstream.

The shipowner said all ship owners paid tax to government and also employed a lot of Nigerians and were assisting government to reduce unemployment rate.


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