He stated that this comes as the agency prepares to give shipowners a maximum of $25 million each to purchase ships in order to provide the 350 million jobs that exist in the blue economy.

During the University of Lagos (UNILAG) Institute of Maritime Studies’ maiden yearly lecture, stakeholders called for more investment in the blue economy to navigate the economic threat posed by the global phasing out of crude oil.

‘From Crude to Blue – Nigeria’s Blue Economy: The Importance of Maritime Domain Awareness and Good Governance,’ was the theme and according to Jamoh, the world is working hard to phase out the fossil fuel industry due to the environmental and health consequences, putting Nigeria’s crude under severe economic threat.

According to Jamoh, the Nigerian National Petroleum Corporation (NNPC) has expressed interest in participating in the funding of ships acquired by indigenous shipowners using the soon-to-be disbursed CVFF.

He stated that in order to accomplish this, NNPC offered to provide 9% of the 15% funding to be provided by shipowners as specified in the guidelines for the fund’s disbursement, allowing them to purchase new ships.

Jamoh went on to list some of the country’s assets that would ensure the use of the blue economy, including 853 kilometers of coastline, 8573 kilometers of inland waterways, six-port complexes, 21 oil terminals, over ten jetties, 200 nautical miles of exclusive zones, 200 million people, all consumers, and others.

According to NIMASA’s CEO, the blue economy generates $2.5 trillion in annual economic growth and includes all economic activities associated with the oceans, seas, harbors, coastal zones, inland water, rivers, and lakes, among other things.

According to him, opportunities in the blue economy that should be invested in include cargo operations, stevedoring services, warehousing/bonded terminals, haulage, shipbuilding, repairs brokerage, handling/management, cargo surveying, tank farms, packaging, marine insurance, bunkering services among others.

TechEconomy recalls President Muhammadu Buhari authorized the transfer of $350 million and N16 billion from the Cabotage Vessel Financing Fund (CVFF).

Section 44 part VIII of the Cabotage Act 2003 provides for establishing the Cabotage Vessel Financing Fund (CVFF) and a 2 percent deduction on cabotage-protected trade earnings goes into the savings for the development of indigenous tonnage (ships) in Nigeria.

The Minister said in a statement signed by the Ministry’s Director of Press and Public Relations, Henshaw Ogubike, on Thursday, President Buhari has directed that the 2% charge that makes up the CVFF continue to accrue to the CBN Treasury Single Account (TSA) and that when the account reaches $50 million, the Minister of Transportation should direct the apex bank to release the amount to any of the five commercial banks for disbursement on the recommendation of NIMASA.

President Buhari had authorized the immediate disbursement of the Cabotage Vessel Financing Fund (CVFF) through five primary lending institutions, namely Polaris, Zenith, Union, Jaiz, and UBA banks.

This was after a meeting with representatives and heads of the five primary lending institutions, including the MDs and CEOs of Polaris Bank, UBA, Union Bank, Zenith Bank, Jaiz Bank, and the DG of, Zenith Bank, the DG of NIMASA, and the MD of Shipping at NNPC, among other stakeholders.

He did, however, call for a concerted effort by key stakeholders to make the Cabotage Vessel Financing Fund (CVFF) disbursement a reality.

The Minister noted that it had taken 18 years to obtain presidential approval for the disbursement and charged the key stakeholders with expediting action on the necessary details to enable the funds to be disbursed quickly.

“We have received the approval of the President to disburse the funds.” “It is now left for the key players to actualize the approval by the President,” he said.

Sambo said the maritime sector would be a significant income earner for the country if properly managed, adding that it was fulfilling for him to lead the historic process of disbursing the Cabotage Funds.