SEREC Demands Urgent CVFF Disbursement To Boost Maritime Sector

SEREC Demands Urgent CVFF Disbursement To Boost Maritime Sector
….says fund capable of creating 10,000 jobs,generate over #50bn annually

Dr Eugene Nweke,Head,SEREC

By Frank Odinukaeze

The Sea Empowerment and Research Center (SEREC) has issued a passionate call to the Nigerian government to expedite the disbursement of the Cabotage Vessel Financing Fund (CVFF). Established to support indigenous ship acquisition and promote local maritime operations, the fund has accumulated approximately ₦16 billion and $350 million but remains undistributed.

SEREC has expressed dismay over bureaucratic red tape, lack of transparency, and competing governmental priorities that have hindered the fund’s release.
The Nigerian Maritime Administration and Safety Agency (NIMASA) estimates the CVFF could create over 10,000 jobs and generate ₦50 billion in annual revenue. However, these benefits remain unrealized due to prolonged delays.
To resolve the stalemate, SEREC urged the government to:
1. Establish a clear timeline for CVFF disbursement.
2. Provide regular updates on the disbursement process.
3. Simplify bureaucratic processes and improve transparency.
4. Prioritize the fund’s disbursement in line with Nigeria’s economic goals.
The Center also highlighted the risks of politicizing the fund’s management, advocating for merit-based decision-making and effective oversight mechanisms to ensure its success.

If disbursed, according to SEREC,the CVFF is expected to:
– Empower indigenous shippers to compete with international firms.
– Spur economic growth and create thousands of jobs.
– Enhance Nigeria’s maritime infrastructure, including ports and ship repair facilities.

SEREC’s Head of Research, Fwdr Eugene Nweke, emphasized the urgency of this matter, stating that the government’s sincerity and commitment are vital to unlocking the potential of the maritime industry. “The maritime industry and Nigerian citizens eagerly await tangible progress,” he said.

As the African Continental Free Trade Area (AfCFTA) opens new trade frontiers, the CVFF’s timely disbursement could position Nigeria as a leader in Africa’s maritime sector. Will the government rise to the challenge? The clock is ticking.