The Maritime Researchers and Authors Association of Nigeria (MARASSON) and other stakeholders in the maritime sector have condemned the Federal Ministry of Marine and Blue Economy for failing to unlock financing facilities since its creation, thereby leaving several maritime projects underfunded.

The research group also criticised the ministry for its bureaucratic bottlenecks, the absence of clear policies and investor-friendly guidelines, which they said have stalled access to the Cabotage Vessel Financing Fund (CVFF) despite continuous payment and remittance of fees and levies by vessels operating in the country’s waters since the establishment of the Cabotage Act in 2023.

In a marine notice tagged ‘Operation Zero Tolerance’, issued recently by the Nigerian Maritime Administration and Safety Agency (NIMASA), all vessel owners, operators and managers operating in the country’s waters were mandated to ensure the payment and remittance of all levies and fees within the statutory deadlines stipulated for each levy.

The fees and levies as stated in the notice include the two per cent cabotage surcharge, three per cent cargo levy, sea protection levy (SPL), as well as registration, waiver, licence and documentation fees upon application, according to the Cabotage Act 2003.

According to the research group, this has discouraged both local and foreign investors, limited the shipping sector’s contribution to national economic growth and undermined the advancement of Nigeria’s blue economy.

Speaking on behalf of the association, the Director of International Trade, MARASSON, Mr Sunday Ademuyiwa, emphasised that stakeholders are increasingly concerned about the ministry’s failure to create a conducive investment climate, noting that policy uncertainty continues to deter long-term capital into shipping, inland waterways transport and other blue economy sub-sectors.

“Despite years of the ministry’s existence, the blue economy sector is still struggling to access financing. The CVFF remains largely inaccessible due to policy gaps and administrative red tape,” he said.

“We need policies that will attract investment, create jobs and stimulate growth in the blue economy. Without a comprehensive policy framework, the CVFF and other initiatives will remain ineffective,” Ademuyiwa stressed.

Ademuyiwa urged the Federal Government to take urgent steps to address the ministry’s perceived ineffectiveness, calling for a comprehensive and transparent policy framework to unlock the CVFF financing facility.

A shipowner, Captain Sola Olatunji, criticised the announcements of disbursements by the Federal Government to the shipping sector, describing it as a political manoeuvre while questioning the transparency of the process.

According to Olatunji, the term “disbursement” is being misused as a political tool, given that the full processes for securing the loans have yet to be finalised, particularly regarding clarity on the financial institutions.

He further warned that this situation mirrors the previous administration’s failure to disburse the fund over eight years, despite promises.

However, the shipowner urged the government to take more proactive measures to support the industry, particularly calling for the implementation of the long-overdue carbon tax law, which, according to him, has the potential to boost Nigeria’s shipping sector significantly.