Editorial: Time to End Political Gimmick in CVFF Disbursement
OYETOLA. Minister of Marine and Blue Economy
The maritime industry stakeholders were recently greeted with cheering news about the launch of Cabotage Vessel Financing Fund (CVFF) Application Portal by the federal government. This was announced by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, who described it as a “strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.” The policy initiative signals clearly possible disbursement of the fund to indigenous shipping operators. Under this arrangement, indigenous shipping companies are now to file applications for the disbursement of the fund after about two decades of its establishment. For indigenous shipping companies and indeed many stakeholders, this was greeted with excitement considering the decades of clamouring for the disbursement of the fund.
However, to some sceptics, the policy statement could just be one of those traditions of lies by the agents of the government. In the past, industry stakeholders had been promised of such disbursement. In fact, the former late President Muhammadu Buhari, was reported to have given his approval for the disbursement of the fund but this failed. The management of Nigerian Maritime Administration and Safety Agency (NIMASA) had engaged different primary lending institutions to draw conditions for the disbursement of the fund, but everything appeared a mere paper work. At a point, there was doubt about the existence of the money believed to have been lodged with the Central Bank of Nigeria. It was at this point that many appeared to have rested the case of demanding for the CVFF disbursement.
This explains why the current move by the federal government is imperative. It has given industry stakeholders hope that the fund is still intact. We therefore state that the government should indeed make this realistic for the fund to be disbursed in good time. It should not be a mere political gimmick. The conditions for the loan should not be too harsh. It should be affordable by the indigenous shipping companies. This is the time to prove the sceptics wrong in what will indeed form part of the redeemed hope agenda of the present administration. If the fund is accessed, it will be a remarkable boost to the shipping sector as well as the national economy
However, to some sceptics, the policy statement could just be one of those traditions of lies by the agents of the government. In the past, industry stakeholders had been promised of such disbursement. In fact, the former late President Muhammadu Buhari, was reported to have given his approval for the disbursement of the fund but this failed. The management of Nigerian Maritime Administration and Safety Agency (NIMASA) had engaged different primary lending institutions to draw conditions for the disbursement of the fund, but everything appeared a mere paper work. At a point, there was doubt about the existence of the money believed to have been lodged with the Central Bank of Nigeria. It was at this point that many appeared to have rested the case of demanding for the CVFF disbursement.
This explains why the current move by the federal government is imperative. It has given industry stakeholders hope that the fund is still intact. We therefore state that the government should indeed make this realistic for the fund to be disbursed in good time. It should not be a mere political gimmick. The conditions for the loan should not be too harsh. It should be affordable by the indigenous shipping companies. This is the time to prove the sceptics wrong in what will indeed form part of the redeemed hope agenda of the present administration. If the fund is accessed, it will be a remarkable boost to the shipping sector as well as the national economy
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