The much awaited disbursement of the Cabotage Vessel Finance Fund (CVFF) encountered a setback due to a one percent difference in interest rates, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has disclosed.
Dr. Jamoh explained that the approved banks insisted on 7.5 percent, while NIMASA pushed for 6.5 percent.
The Director General who was speaking during a meeting at NIMASA’s headquarters in Lagos on Tuesday, acknowledged the disagreement with Primary Lending Institutions (PLIs) but expressed optimism.
He stated, “It is also gratifying to have NNPC Shipping develop interest as off-takers for CVFF.”
Encouraging the new Managing Director of Nigerian National Petroleum Company (NNPC) Shipping Limited, Mr. Ponas Gliatis, to build on previous milestones, Jamoh assured stakeholders that all issues related to CVFF disbursement could be addressed within the next six months.
Highlighting the progress made with the former management of NNPC Shipping, Jamoh emphasized the need to tackle the challenges in CVFF disbursement. He lamented the current low contribution of shipping to Nigeria’s GDP and expressed confidence that surpassing the 7 percent GDP contribution seen in Singapore is achievable with strategic efforts.
In an interview on the sidelines, the President of the Nigerian Chamber of Shipping, Aminu Umar, endorsed the 6.5 percent interest rate proposed by NIMASA. He expressed confidence in Jamoh’s six-month timeline for resolution.
The NNPC Shipping MD, Mr. Ponas Gliatis, assured NIMASA and the maritime community of collaborative efforts to address shipping challenges in the nation. He pledged strategic seating opportunities to contribute to the development of the nation’s seafarers.
The meeting, attended by key stakeholders, highlighted the urgency of resolving the impasse for the benefit of the maritime sector.
PHOTO: The Managing Director of NNPC Shipping, Mr Panos Gliatis receiving a souvenir from the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Bashir Jamoh when he visited the NIMASA headquarters in Apapa Lagos on Tuesday