As Okonjo-Iweala Calls for Increased Production Capacity 

The launching of the Cabotage Vessel Finance Fund, CVFF by the minister of the Marine and Blue Economy, his Excellency, Adegboyega Oyetola, CON, has again rekindled hopes on the future of shipping and its associated economic activities as ship owners and other maritime stakeholders congratulate the minister and his men for the timely launch signaling 2026 as a year of less talk and more action.

Notwithstanding skepticism by cynics and doubting Thomases, ministry officials are confident that the long awaited disbursement of the over $350 million fund is finally here!

Monday Mooring, MM, and Akin Ofere share thoughts on the unveiling of the CVFF portal and?recent maritime developments:

MM: The CVFF application portal has been launched…
Akin: Congratulations

mm Are you not happy?
Akin: Do I look on unhappy?

MM: More ships, more jobs, more sea time and more opportunities for Cadets and seafarers
Akin: I hope so

MM: what do you mean ?

Akin: It is not today; let us see how many ships-tankers, badges, cargo ship, cruise ships and others that we are able to acquire from the cvff fund.

MM: Have you seen the names of banks in charge; Primary Lending Institutions PLIs,
Akin: What about them?  fingers Crossed, I hope they have the financial muscles to facilitate the CVFF loans and ensure that ships are acquired by beneficiaries.

MM: It is neither your money nor your call how the funds are utilized…

Akin: I hope we get this one right this time as other countries are watching us  with binoculars. considering our recent maritime attainments and status, we must give Africa a template to work with on vessel acquisition. Countries like Ghana and others have been here to understand study our Cabotage Regime; we have come too far to back slide. Corruption stalls growth efforts as a lot is spent on so little. Tell me, was Nigeria in Davos to build a house?

MM: Not true

Akin: What’s true?

MM: Stop asking questions but be informed that Davos is a city in Switzerland where Nigeria has an Embassy as Zeiglerstrasse 45, 3007 Bern

Akin: Why another house in Davos?

MM: Our leaders are wise. What is your take away from the Word Economic Forum?

Akin: I heard our Dr. Ngozi Okonjo- Iweala speak on attracting Foreign Direct Investments, FDIs, increasing local production capacity and reducing imports.

MM: Good talk don’t you agree?

Akin: I agree but how does Customs meet its annual revenue target if we don’t import?

MM? When will you stop asking questions?

Akin: The price to pay by perpetual importation of the littlest of items impacts everyone,; revenue target or no revenue target.

MM: According to the WTO President “Let’s build solar panels in Nigeria. We are importing, but we can also manufacture. We have the renewable capacity. In fashion, let them come to invest. Every time I buy a piece of wax (textile), I check to see where it’s made. Let’s attract investment to make it at home rather than elsewhere. Many of the shiny new textiles we are wearing now are not made in Nigeria; a lot of them are imported”

Akin: It has been said that it is cheaper and more profitable to import and collect duty than produce locally.

MM: Where did you hear that? Who said so at where?

Akin: Ask the Manufacturers Association of Nigeria, MAN. Haven’t you seen imported variant of Adire fabrics and other every day products?

MM: Have you been to the Lagos Free Trade Zone in the Ibeju Lekki area of Lagos?

Akin: What’s happening there?

MM: Materials like the Adire you talked about and much more are produced there by Chinese business men resident within the zone. They produce for local consumption and export to neighbouring countries

Akin: Are you sure? Are they supervised, regulated to ensure compliance?

MM: Regulatory agencies have their officers and officials stationed there….

Akin: I will not talk, I will not ask questions.

MM: You are permitted to talk and ask any questions on imports, Free Zone Areas, Carbotage, CVFF, Ports regulation, Capacity Building etc

Akin: Who will provide answers

MM: Nigerians

Akin: You make me laugh

MM: laughter is good for your health!