By Steve Agbota
Former Acting President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, has urged the Federal Government to include clearing agents among the beneficiaries of the Cabotage Vessel Financing Fund (CVFF).
With the government set to begin disbursing the fund to qualified recipients by August, Farinto stressed that clearing agents have made significant, though often overlooked, contributions to the CVFF — and should therefore have access to it, alongside indigenous shipowners.
Speaking to Daily Sun, he explained: “The CVFF is not for indigenous shipowners alone. Clearing agents, too, can access it. The only reason it seems we haven’t is because no clearing agent has applied. But that doesn’t mean we haven’t contributed. The 2% levy that formed the CVFF was drawn from transactions involving cargoes — and without cargo, there’s no shipping. So indirectly, we’ve been part of the ecosystem sustaining that fund.”
Farinto’s call comes as the maritime sector anticipates the long-awaited disbursement of the CVFF — a fund designed to foster indigenous participation in the shipping industry by supporting vessel acquisition. The Federal Ministry of Marine and Blue Economy, which manages the fund, has reaffirmed its commitment to disburse it before August. The CVFF is currently valued at over $700 million.
Farinto praised the efforts of the Minister of Marine and Blue Economy, Adegboyega Oyetola, to ensure the disbursement process remains on track.
“If that promise is kept, I will clap for them (government). I will be delighted,” he said. He also expressed disappointment that many of the original indigenous shipowners — for whom the fund was initially intended — have gone out of business because of the prolonged delay.
“The people who may eventually benefit from this fund will be the new generation, not the old ones,” he observed.
Farinto voiced strong support for the proposed loan structure attached to the CVFF, especially the two-year moratorium and the eight-year repayment period, describing them as realistic and business-friendly.
“It’s a vessel you are investing in, not a car. If you manage your business well, by the third year you should be able to repay. The structure is sound,” he remarked.
Additionally, Farinto welcomed the ministry’s recent decision to expand the CVFF to cover inland waterway operators and boat owners — a move he said would help modernise Nigeria’s ageing water transport system.
“Many of these boats were manufactured during the medieval period. They use torchlights at night, and their life jackets expired over a decade ago.
If they can access CVFF, they will upgrade their boats, and that will bring value and safety to the sector,” he added.