The Cabotage Vessel Financing Fund (CVFF) saga has resurfaced with the Nigerian Maritime Administration and Safety Agency (NIMASA) inviting financial institutions to act as Primary Lending Institutions (PLIs) for disbursement. However, shipowners remain skeptical, viewing the move as another episode in over two decades of unfulfilled promises.A History of Frustration
Established to boost indigenous shipping operators in the cabotage trade, the CVFF has long been a beacon of hope for the maritime sector. Yet, over 21 years, it has become synonymous with delays, bureaucracy, and unmet expectations. Stakeholders have watched as NIMASA organizes workshops, makes pledges, and generates extensive media buzz—only to deliver little in terms of tangible results.
Shipowners like Otunba Sola Olatunji describe the situation as “entertainment.” He recounts countless seminars and promises that fail to materialize, likening the CVFF discourse to “motion without movement.” His sentiment reflects a broader disillusionment within the industry, where trust in NIMASA’s commitment is waning.
Unanswered Questions and Allegations
Recent developments have reignited concerns about the fund’s management. Allegations suggest that portions of the CVFF might have been redirected to finance security assets under the Deep Blue Project or through provisions of the Suppression of Piracy and Maritime Offences (SPOMO) Act. These claims remain unverified but underscore shipowners’ fears of misappropriation.
President of the Ship Owners Association of Nigeria (SOAN), Sonny Eja, has called for accountability, stating, “The CVFF must serve its intended purpose—vessel acquisition and industry growth. Anything else is unacceptable.” He also urged NIMASA to adopt proven funding models, like the Nigerian Content Development and Monitoring Board (NCDMB), which successfully administers the Nigerian Content Intervention Fund.A Sector Left Behind
The maritime sector, once poised to be an economic catalyst, continues to lag. While industries like aviation receive significant interventions, shipping remains neglected. Olatunji laments that in 21 years, the CVFF could have financed fleets, trained seafarers, and boosted Nigeria’s GDP. Instead, the sector remains in limbo, plagued by promises and propaganda.
Shipowners are demanding transparency and leadership by maritime professionals with industry experience. “Only someone who understands our challenges can drive the change we need,” Olatunji emphasizes.
The Call for Action
To rebuild trust, stakeholders are urging NIMASA to prioritize:
1. Immediate Disbursement: Clear timelines for the CVFF’s release.
2. Transparent Processes: Address allegations of fund diversion.
3. Practical Solutions: Learn from the NCDMB’s successful framework.
Eja’s words resonate with the broader maritime community: “NIMASA must stop repeating the cycle of empty promises. We need real action, not rhetoric.”
As shipowners brace for the next chapter in the CVFF saga, one thing is clear—only decisive leadership and genuine commitment can redeem decades of disappointment.
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