The establishment of the Ministry of Marine and Blue Economy by President Bola Ahmed Tinubu has garnered international attention for Nigeria, signaling a commitment to harness the vast potential of its marine environment, as stated by the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh....CONTINUE READING
Dr. Jamoh made these remarks during a courtesy visit from Mr. Panos Gliatis, the new Managing Director of NNPC Shipping Ltd., accompanied by a delegation from the Nigerian Chamber of Shipping to NIMASA.
Highlighting the significant interest from international financial institutions, Dr. Jamoh emphasised that the creation of the standalone Ministry of Marine and Blue Economy has showcased Nigeria’s dedication to developing its economy beyond the traditional reliance on crude oil exports.
Nigeria’s Ministry of Marine and Blue Economy Draws Global Interest
He stated, “Right now, the Afriexim Bank, African Development Bank and American Express Bank have all indicated intent to support the Cabotage Vessel Financing Fund, CVFF. NIMASA has also been directed to provide accommodation for the Maritime Bank at the Agency’s Abuja Zonal Office. This will also bring more funding for the Nigerian maritime industry.”
Dr. Jamoh addressed ongoing discussions between the agency and the appointed Primary Lending Institutions (PLIs) regarding the interest rate on the CVFF. “On CVFF disbursement, we have gone far, the disagreement was when the PLIs where insisting that the interest rate must be 7.5 percent, while NIMASA and NNPC Shipping Limited say it should be 6.5percent. It is noteworthy that NNPC Shipping Limited has agreed to be off-takers of these vessels, because it is one thing to have a vessel and another to have the cargo. Without the cargo, the ships become useless. The essence of CVFF is to promote job creation and expansion of the industry,” he explained.
The President of the Nigerian Chamber of Shipping, Alhaji Aminu Umar, expressed satisfaction with the collaboration between NNPC Shipping and indigenous ship owners. He noted that the partnership would create opportunities for investment, job creation, and economic growth, aligning with NIMASA’s objectives under the leadership of Dr. Bashir Jamoh.
Mr. Panos Gliatis, the Managing Director of NNPC Shipping Limited, assured that the previous discussions and agreements between NIMASA and NNPC Shipping Limited would be expedited for action under his leadership.
