How CVFF Can Be Successfully Disbursed, by Jean-Chiazor Anishere
L-R President, Ship Owners Association of Nigeria (SOAN), Dr. Mkgeorge Onyung, Chairman, Board of Trustees (BOT), Nigerian Indigenous Ship-owners Association (NISA), Chief Isaac Jolapomo, Capt. Emmanuel Iheanacho, Chairman, Integrated Oil and Gas Services Ltd, DG, NIMASA, Dr. Bashir Jamoh and Mrs. Jean-Chiazor Anishere, SAN at Thursday’s Colloquium in honour of late Otunba Kunle Folarin
By Francis Ugwoke
With the approval given by President Muhammadu Buhari for the disbursement of the Cabotage Vessel Financing Fund (CVFF), Maritime Lawyer and expert, Mrs. Jean-Chiazor Anishere, SAN, has advised on measures that can be followed for a successful exercise as far as the fund is concerned.
Mrs Anishere who delivered a paper titled ‘Ensuring EFFECTIVE Disbursement of CVFF’ at a colloquium organized in honour of late Otunba Kunle Folarin by maritime journalists said it was important to develop a clear financing mechanism, adding that this was important to ensure a successful exercise.
She explained that this should include “guidelines on how to apply for funding, as well as criteria for evaluating and approving applications”.
She added that it was also important to have “a system in place for monitoring and reporting on the use of the funds”.
Noting that one of the key goals of the CVFF was to encourage the development of a local maritime industry, Anishere said that to achieve this, it was “important to actively encourage and support the participation of local ship owners, operators and shipyards in the acquisition, building and operation of vessels in the country”.
She added, “To make the most efficient use of the CVFF, it is important to streamline the process of acquiring vessels. This may include measures such as simplifying import procedures, eliminating bureaucratic barriers and reducing the time and costs associated with acquiring vessels”.
The Maritime lawyer also argued that the “fund should not just be limited to financing the import of vessels, but also develop and support a sustainable local shipbuilding industry. This will create job opportunities, improve the country’s maritime infrastructure and reduce dependency on imports”.
In addition to the measures pointed out, she further advised that it was important to monitor and evaluate the impact of the fund.
She said, “ it is important to continuously monitor and evaluate the impact of the CVFF on the development of the Nigerian maritime industry. This will help to identify any issues that may arise and allow for timely corrective action to be taken.
According to her, “It is pertinent to note the importance of having qualified professionals that can help in the disbursement process, provide guidance on the use of the funds and monitor the impact of the fund on the industry.
“In conclusion, the Cabotage Vessel Financing Fund is a government-funded program that provides financing for domestic shipowners to purchase or build vessels for use in cabotage trade. It aims to support the growth of the domestic shipping industry, create jobs and reduce dependency on foreign shipping. The program can be beneficial to both shipowners and the domestic economy, but it should be managed properly to avoid negative consequences such as overcapacity or lack of profitability.
“If the CVFF is properly disbursed to Nigerian Ship owners, it will move the maritime industry and Nigeria forward. There should be a clear and positive indication to implement the policy, as we cannot keep the money forever in the banks; it has to serve the purpose it is meant to serve.
“The process for disbursement should be clear to stakeholders in the maritime industry; the Minister of Transportation, Alh. Muazu Sambo,should be commended on his recent acts towards ensuring speedy implementation of the disbursement of the CVFF whilst there is aneedto collate modalities on how to disburse the fund from the various stakeholders, for further constant review, towards attaining a sustainable and effective CVFF implementation.
“It is hoped that a successful disbursement of the CVFF, will open a new vista of shipping business and market opportunity for our local interest”.
With the approval given by President Muhammadu Buhari for the disbursement of the Cabotage Vessel Financing Fund (CVFF), Maritime Lawyer and expert, Mrs. Jean-Chiazor Anishere, SAN, has advised on measures that can be followed for a successful exercise as far as the fund is concerned.
Mrs Anishere who delivered a paper titled ‘Ensuring EFFECTIVE Disbursement of CVFF’ at a colloquium organized in honour of late Otunba Kunle Folarin by maritime journalists said it was important to develop a clear financing mechanism, adding that this was important to ensure a successful exercise.
She explained that this should include “guidelines on how to apply for funding, as well as criteria for evaluating and approving applications”.
She added that it was also important to have “a system in place for monitoring and reporting on the use of the funds”.
Noting that one of the key goals of the CVFF was to encourage the development of a local maritime industry, Anishere said that to achieve this, it was “important to actively encourage and support the participation of local ship owners, operators and shipyards in the acquisition, building and operation of vessels in the country”.
She added, “To make the most efficient use of the CVFF, it is important to streamline the process of acquiring vessels. This may include measures such as simplifying import procedures, eliminating bureaucratic barriers and reducing the time and costs associated with acquiring vessels”.
The Maritime lawyer also argued that the “fund should not just be limited to financing the import of vessels, but also develop and support a sustainable local shipbuilding industry. This will create job opportunities, improve the country’s maritime infrastructure and reduce dependency on imports”.
In addition to the measures pointed out, she further advised that it was important to monitor and evaluate the impact of the fund.
She said, “ it is important to continuously monitor and evaluate the impact of the CVFF on the development of the Nigerian maritime industry. This will help to identify any issues that may arise and allow for timely corrective action to be taken.
According to her, “It is pertinent to note the importance of having qualified professionals that can help in the disbursement process, provide guidance on the use of the funds and monitor the impact of the fund on the industry.
“In conclusion, the Cabotage Vessel Financing Fund is a government-funded program that provides financing for domestic shipowners to purchase or build vessels for use in cabotage trade. It aims to support the growth of the domestic shipping industry, create jobs and reduce dependency on foreign shipping. The program can be beneficial to both shipowners and the domestic economy, but it should be managed properly to avoid negative consequences such as overcapacity or lack of profitability.
“If the CVFF is properly disbursed to Nigerian Ship owners, it will move the maritime industry and Nigeria forward. There should be a clear and positive indication to implement the policy, as we cannot keep the money forever in the banks; it has to serve the purpose it is meant to serve.
“The process for disbursement should be clear to stakeholders in the maritime industry; the Minister of Transportation, Alh. Muazu Sambo,should be commended on his recent acts towards ensuring speedy implementation of the disbursement of the CVFF whilst there is aneedto collate modalities on how to disburse the fund from the various stakeholders, for further constant review, towards attaining a sustainable and effective CVFF implementation.
“It is hoped that a successful disbursement of the CVFF, will open a new vista of shipping business and market opportunity for our local interest”.
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