$350Million CVFF Fund: Hyundai Heavy Industries to Build Nigerian Ships—Dr Jamoh
Director General of NIMASA, Dr Bashir Jamoh addressing a business gathering in South Korea to promote Nigeria Maritime potentials
By DAPO OLAWUNI
There are indications that the Federal Government is in talks with the world’s largest shipbuilding and major heavy equipment manufacturers; Hyundai Heavy Industries Co. Ltd with the aim of developing the Nigerian shipbuilding industry and its moribund foundry industry.
Director General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Bashir Jamoh gave the indication after a meeting with Hyundai Ship Building officials as part of President Muhammadu Buhari’s visit to Seoul, South Korea to participate in the First World Bio Summit, 2022.
Dr Bashir Jamoh was part of the President delegate to the summit.
The NIMASA boss hinted that a team of the Hyundai Heavy Industries Co. Ltd would be visiting Nigeria any moment from now to examine what is on ground.
DAILY TREND reports that 19 years after the Cabotage Vessel Financing Fund (CVFF) was approved by the Federal Government, an interventionist approach to assist indigenous shipowners, the fund has grown to $350 million.
However the CVFF remains inaccessible due to bureaucratic processes, which has defeated its objective of boosting international trade and creating jobs.
Jamoh however has said the meeting with Hyundai Ship Building officials “Deliberated on the possibility of reactivating shipbuilding and Foundry industry in Nigeria and targeting African markets. A technical team will be coming to Nigeria shortly to examine what we have on the ground, a milestone.
“As part of Mr President’s delegation to South Korea, I had the privilege of addressing a business gathering to promote Nigeria’s Blue Economy initiative, our plans for dockyard reactivation, the establishment of foundry, ship repairs & other maritime infrastructural development”
