•As first applicant awaits ministerial approval for CVFF

By Godwin Oritse

The Nigerian Maritime Administration and Safety Agency (NIMASA) has concluded plans to automate vessel registration in Nigeria, a move aimed at streamlining the process and easing the challenges faced by shipowners. Meanwhile, the first applicant for the disbursement of the Cabotage Vessel Financing Fund (CVFF) is now awaiting ministerial approval. 

Speaking to newsmen at the ongoing Lagos International Maritime Week, a Board member of the agency, Ms. Iroghama Ogbeifun, said the electronic vessel registration project, which NIMASA had been developing for some time now, would significantly improve the ease of doing business in the maritime sector.

Ogbeifun noted that the initiative would reduce transaction delays, attract more investment, enhance the efficiency of shipping operations and ultimately contribute to increased economic activity and revenue for Nigeria.

She, however, clarified that she was not speaking on behalf of NIMASA, but said available information indicated that the electronic vessel registration process would be concluded by November this year.

She stated: “This is exciting because it is something they have been working on for a long time. If they are able to fully achieve it, it would be a positive development for the maritime industry.”

In a related development, Ogbeifun disclosed that the first applicant for the disbursement of the CVFF is currently awaiting ministerial approval, adding that the disbursement under the fund is expected to be made before the end of the year.

She also stated that the agency is determined to ensure that the funds are disbursed to qualified applicants.