The Director-General of Nigerian Maritime Administration and Safety Agency NIMASA, Dr. Bashir Jamoh, has lauded President Muhammadu Buhari for his directives on the disbursement of the Cabotage Vessel Financing Fund (CVFF).
Dr. Jamoh praised the President for bringing urgency to bear on the process that will now ensure that the funds that have been warehoused for the past 18 years will now be made available to indigenous shipping industry operators to acquire vessels to boost capacity in the Nigerian maritime domain.
Dr. Jamoh on his Twitter handle said: “Thank you Mr. President @MBuhari for your directive. Indigenous ship owners will have cause to smile again as we expand the options for shipping development. Shipping is capital-intensive; NIMASA has the responsibility (Merchant Shipping & Cabotage Acts) to boost local capacity.”
The DG of NIMASA also commended the President for being consistent on the issue of shipping development and supporting the Nigerian maritime industry with various fiscal and other incentives through the Ministry of Finance, the Nigerian Customs and the Central Bank of Nigeria.
The Cabotage Fund was established by the provisions of section 42(1)-(2) of the Cabotage Act of 2003, to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.