Adegboyega Oyetola, Nigeria's Minister of Marine and Blue Economy, is speaking directly to indigenous shipowners with a message they have been waiting to hear: the government is on their side.
Oyetola has reaffirmed the Federal Government's commitment to supporting locally owned shipping businesses, with a specific pledge around the disbursement of the Cabotage Vessel Financing Fund. The CVFF was designed to help Nigerian shipowners access financing to compete in their own waters, and its long-delayed release has been a sore point in the industry for years.
For indigenous operators who have watched foreign vessels dominate Nigerian coastal trade, this kind of assurance carries real weight. Whether the pledge translates into action is the question the sector will be watching closely.
Originally published by BusinessDay.