‘CVFF Disbursement Critical to Nigeria’s AfCFTA Competitiveness’

The President, League of Maritime Editors (LOME), Mr. Timothy Okorocha, has urged the President Bola Tinubu led administration to exercise the required political will to facilitate the disbursement of the Cabotage Vessel Financing Fund (CVFF).

Okorocha stated this in his opening address to kickstart the 25th Annual Retreat/Awards of the League of Maritime Editors (LOME), themed, “Harnessing Nigeria’s Potential in Marine and Blue Economy/The new customs 2023 Act and its Implication on Trade.”

He stated that as Africa draw closer to commencement of the African Continental Free Trade Area (AfCFTA), there is an urgent need to develop Nigeria’s indigenous shipping capacity to meet the trade opportunities of the continental trade agreement.

He stated that without a significantly vibrant indigenous shipping industry, Nigeria may not stand a chance at competing favourably at the commencement of the world’s biggest trading arena which the AfCFTA represents.

“We urge President Tinubu to provide the Minister of Marine and Blue Economy, Hon. Adegboyega Oyetola and his ministry, the needed impetus to bring to an end, the unending rat race of the disbursement of the Cabotage Vessel Financing Fund (CVFF), established since 2003; to jump start a new lease of life for the capacity development of our indigenous ship-owners, and to enable Nigeria participate meaningfully in our seaborne trade, specially with the proposed commencement of the implementation policy for the blue economy, “he said.

Responding, the Minister, Marine and Blue Economy, Adeboyega Oyetola, stated that while the League of Maritime Editors have presented genuine topics for consideration, the shortcomings of the sector pose challenge, which may not be swiftly nipped in the bud.

He therefore advised that the League be patriotic and realistic in its agenda setting noting that while the ministry already has a roadmap in place, it is open to receiving suggestions which would help in fine tuning it’s policies which would make for the prosperity of the Nigerian populace.

Oyetola who was represented by the Director, Press and Public Relations Federal Ministry of Marine and Blue Economy, Mr. Olujimi Oyetomi, said: “Most of the suggestions of the Maritime Editors are received in good faith by the Management of the Ministry of which I am a principal figure.

On his part, the Comptroller General, Nigeria Customs Sevices (NCS), Mr. Bashir Adewale Adeniyi who was represented by the Area Controller, Tin Can Island Port Command, Dera Nnadi, while speaking on the implication of the new Customs Act on trade stated that Nigeria must simplify its ports processes to favourably compete in the committee of maritime nations.