Banks’ Stringent Conditions Delay Release Of Govt Fund

The Nigerian Chamber of Shipping (NCS), says conditions laid down by banks constitute some of the factors inhibiting the disbursement of the 100 million dollars Cabotage Vessel Financing Fund (CVFF).

Mrs. Ify Anazonwu-Akerele, the Director-General of the chamber, disclosed this on Monday in Abuja when she fielded questions at a forum of the News Agency of Nigeria (NAN).

The Federal Government set aside the CVFF to address the challenges faced by indigenous ship owners and to assist those in the shipping sector.

The fund was expected to be managed by some designated banks on behalf of the Nigerian Maritime Administration and Safety Agency (NIMASA).

Anazonwu-Akerele told NAN that many other pressing demands on NIMASA in the area of monitoring and safety in the maritime industry also contributed to the delay in the disbursement of the fund.