THE CABOTAGE VESSEL FINANCING FUND: PROSPECTS AND CHALLENGES IN THE PROMOTION OF INDIGENOUS SHIPPING IN NIGERIA
Keywords:
Cabotage, Vessel, Maritime, Indigenous, Shippers, NIMASA, Nigeria, Cabotage Vessel Financing Fund (CVFF)Abstract
This paper investigates the prospects and challenges of the Cabotage Vessel Financing Fund
(CVFF) in promoting indigenous shipping in Nigeria. It begins by providing an overview of the
legal framework governing the cabotage practice in Nigeria. The paper also discusses the
potential benefits offered by the Cabotage Vessel Financing Fund (CVFF), such as promoting
national economic growth, improving maritime security, and creating job opportunities.
Additionally, the fund’s challenges, such as insufficient funding, mismanagement, and a lack of
proper implementation, are examined. The paper then conducts a comparative analysis of three
countries known for their successful indigenous shipping promotion initiatives, highlighting
important similarities and differences. Based on these findings, the paper makes practical
recommendations to improve the Cabotage Vessel Financing Fund (CVFF) effectiveness, such as
increasing government commitment, implementing capacity development programmes, investing
in Research and Development, and improving maritime education. The methodology adopted in
this paper is doctrinal.
