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Association wants disbursement of cabotage fund to buy more vessels for job creation


President of SOAN, Greg Ogbeifun

The Ship Owners Association of Nigeria (SOAN) has urged acquisition of more tankers and dry cargo vessels through the Cabotage Vessel Financing Fund (CVFF) to create more jobs for youths.

Besides, the ship owners urged stakeholders to collaborate to achieve a common goal of growing the Nigerian maritime industry and to boost the Gross Domestic Product (GDP).

President of SOAN, Mr. Greg Ogbeifun, made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos yesterday.

He noted that it had become imperative to disburse the CVFF at a single digit interest rate to make provisions for purchase of more vessels.


According to him, if all critical stakeholders, as well as government agencies collaborate, the maritime industry will grow faster.

Ogbeifun, who stated that a proper management of the maritime industry would assist the Federal Government to encourage diversification from oil to non-oil revenue, said: “The whole essence of Cabotage Vessel Financing Fund is to enable ship owners have access to the fund at a single digit interest rate.

“The political will from the Nigerian Maritime Administration and Safety Agency (NIMASA) had, however, been challenging.

“We ship owners must ensure that we are eligible to access the fund. We need to look at our processes and system to ensure they meet the requirements.

“We are making progress but we need the media to continue with the news that will enable every player in the shipping industry do the right thing.”

He said Nigerian ship owners must focus on owning ships now.

He said if Nigerian ship owners purchase vessels, it would enable indigenous shipping operators to charter vessels in Nigeria rather than from London.

In this article:
CVFFGreg OgbeifunSOAN
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