The President of the Nigeria Ship Owners Association (NISA) Capt. Niyi Labinjo, has called for the establishment of a Maritime Bank to help develop the shipping business in the country in Lagos on Tuesday.
The commercial banks did not have an understanding of maritime issues and so, the Federal Government could set up the specialised bank and use the Cargo Vessel Financing Fund (CVFF) as seed money.
When there is a Bank of Industry for manufacturers; a Bank of Agriculture for farmers and even a Bank of Infrastructure, why not a Maritime Bank using maritime template?
The mariner said it was unfortunate that shippers were not benefiting from the cargo vessel financing fund as well as the maintenance fund.
Hence, he urged the government to create an atmosphere that would enable indigenous ship owners to benefit from the funds.
Source: Hallmarknews
