The Director-General of Nigerian Maritime Administration and Safety Agency, Dr Bashir Jamoh has lauded the President, Major General Muhammadu Buhari (retd.), for his directives on the disbursement of the Cabotage Vessel Financing Fund.
Jamoh in a statement titled ‘Jamoh lauds Buhari for approving Cabotage fund,’ praised the president for bringing urgency to bear on the process.
He said this would ensure that funds warehoused for the past 18 years would be made available to indigenous shipping industry operators to acquire vessels to boost capacity in the Nigerian maritime domain.
The Cabotage Fund was established by the provisions of section 42(1) -(2) of the Cabotage Act of 2003 to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.
With the presidential directive to disburse the fund, qualified ship owners would soon be able to receive cheap and interest-friendly funds to acquire ships, according to the statement emailed on Monday.
-Punch