Blue Economy Project: MAJAN Calls For Disbursement Of CVFF 

The Maritime Journalists Association of Nigeria, MAJAN has called on the Federal Government to commence the disbursement of the Cabotage Vessel Financing Fund, CVFF, which it noted will assist investors and operators key into the Deep Blue Economy Project.

MAJAN made this call on Tuesday at a brainstorming section,  Chaired by its President, Comrade Ray Ugochukwu, after the Powerful Pen Media Chapel Congress in Apapa, Lagos.

The members of the association who tumpped up for the Nigerian Maritime Administration and Safety Agency, NIMASA, for initiating the Deep Blue Economy Project noted that such laudable programme would make more  impact when key stakeholders in the Maritime sector are empowered, hence the call for the CVFF disbursement.

As President Muhammadu Buhari is scheduled to launch the Deep Blue Project on Thursday in Lagos, MAJAN noted that ” it is critical at this time to align with government in this important exercise to ensure the safety, security and preservation of the nation’s maritime domain.

” The maritime industry contributes significantly to the nation’s revenue generation after oil and gas and everything must be done to maintain its position as a valuable contributor to national development”.

In view of the current efforts by NIMASA to develop a strategy to confront the hydra-headed problem of maritime insecurity,  with the deployment of the assets of the  Deep Blue Project, MAJAN congratulates the Director General of NIMASA, Dr. Bashir Jamoh for this milestone achievement.

MAJAN understands that NIMASA is working with the Nigerian Navy, the Nigerian Army, the Nigerian Airforce, the Nigeria Police, the Office of the National Security Adviser and the Department of State Service to evolve a common front to tackle the menace. This collaboration is highly  commendable and if this project is fully  implemented, Nigeria will become the maritime hub in Africa.

In view of the above, MAJAN  came up with key recommendations and observations for the success of the Deep Blue Project. They are as follows:

1. MAJAN commends NIMASA for this laudable project which is aimed at tackling the incidents of piracy, sea robbery and other maritime crimes;

2. The Association believes that Nigeria must tap the good potentials of the sea by investing heavily in capacity-building, infrastructure, ship building and seafarers development;

3. The Deep Blue Project is bound to engender massive jobs creation, add to the nation’s Gross Domestic Product and increase Consolidated Revenue to fund the national budget;

4. It is our belief that the Deep Blue Project will be more effective and sustainable if there is a policy framework to support and drive it. This is to avoid the truncation of the project,as it is always the case in Nigeria, should there be a future change in administration.

5. The Deep Blue Project must be driven by an assemblage of maritime experts and technocrats for the objectives to be fully realised;

6. The Promoters of the Deep Blue Project must ensure that they carry along key industry stakeholders to ensure their buy-in and full participation, commitment and investment;

7. MAJAN calls on the Federal Government to urgently disburse the Cabotage Vessel Financing Fund (CVFF) to indigenous maritime operators to enable them leverage on the initiative;

8. There is no doubt that the Deep Blue Project will lead to diversification of the nation’s economy with the attendant foreign exchange earnings;

9. Finally, MAJAN believes the nation can surpass its oil revenue if proper attention is given to the maritime sector. Countries like Singapore, Denmark, The Philippines, Egypt, among others, have developed into maritime superpowers through the Deep Blue Economy.