Ministerial Appointment: Nigerian Ship-Owners expect disbursement of $700m CVFF in six months

Indigenous Ship-Owners have expressed expectations that the $700m Cabotage Vessel Financing Fund (CVFF) should be disbursed in six months following the appointment of a very young person at the helm of affairs of the Ministry of Marine and Blue Economy.

Speaking with Tribune Online exclusively on Thursday, President of the Nigeria Chamber of Shipping (NCS), Malam Aminu Umar explained that with the appointment of a very young Minister of Marine and Blue Economy, he doesn’t expect the process for the disbursement of the $700m CVFF to start all over from beginning.

According to Mallam Aminu Umar, “We are very happy that at last, the Ministry of Transportation has been unbundled. Before now, the Minister of Transportation used to navigate between different agencies like the Nigerian Railway Corporation (NRC) and other agencies in the Maritime industry, thus making the Minister not having adequate time for maritime issues. However, with what we have now, there is no need for that. 

“With what we have on ground now, I expect industry players to have direct access to the Minister on issues plaguing the industry.

“Now, we expect the $700m CVFF to be disbursed anytime soon because the Minister will only focus on policy issues that affect the Maritime Industry. I will be surprised if the fund is not disbursed in six months. The era where there are distractions for the Minister is over.

“On insinuations in some quarters that the young Minister will have to start learning the ropes from the beginning, I don’t think so. The young man has been in the private sector for years. The young Minister has been a consultant to the Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian National Petroleum Corporation (NNPC) for years. He has worked round the industry. So, I think this young man has all it takes, and all the knowledge to navigate Through the Industry.

“He has a Master’s degree in Engineering. He is very young and very energetic. I expect to see a lot of changes and a lot of energy in the industry. I expect him to do well as Minister of Marine and Blue Economy.”

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