Maritime Operators To Receive $700m For Vessel Acquisition –FG

Maritime Workers

According to the Federal Government, marine operators might get roughly $700 million to buy new ships. This was said on Tuesday by Dr. Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency, during the Institute of Maritime Studies’ first annual lecture at the University of Lagos in Akoka, Lagos.

According to him, the Cabotage Vessel Finance Fund has been allocated at least $700 million. The government was considering giving each ship owner at least $25 million from the fund, Jamoh further stated.

“I didn’t say we will acquire 25 vessels, I gave you an average of $25m per vessel that is according to the guideline and I told you we have about $700m for the purpose of CVFF. And we expect that each owner will get not more than $25m,” he said

According to the agency boss, the number of jobs that will be created by the time the entire acquisition cannot be over-emphasized.

Also speaking, the Minister of State for Transport, Mr Ademola Adegoroye, said that the government would do everything possible to make it easier for shipowners to acquire more ships to grow the blue economy initiative.

Adegoroye also said that the ministry was working hard to ensure that the CVFF was disbursed before the end of the current administration.

He said, “I can assure you that the government will do everything to make it easier for shipowners to get more ships that can continue to grow our Blue economy. It makes sense for every responsible government to do that, once it gets too expensive, it becomes a problem even for our economy.”

“We are hoping and praying that we disburse the fund before the end of the current administration. We have a short time. We have barely eight weeks but I know they are working day and night to achieve this. It is possible; if not, government is a continuum. It is a government policy and nobody can do anything about it.”

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