No Bail-Out Funds For Maritime Industry

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The Minister of Transport, Alhaji Yusuf Suleiman has foreclosed chance of the  maritime sector enjoying any intervention funds from the Federal Government.

The Federal Government had as a result of the global economic melt-down experienced  last year, as practiced in other parts of the world, granted intervention fund for a  number of sectors as a bail-out relief to ameliorate the effects of the economic  down-turn.

Towards this end, the Central Bank of Nigeria(CBN) made available N500 billion which  the aviation sector, agriculture sector and manufacturing sector could access to  lift these sectors. President Goodluck Jonathan, using the presidential fiat, gave  the entertaiment industry $200million for the operators of the industry to access as  loans to lift their businesses.

Apparently feeling neglected by government and desirous to be part of the largese,  maritime operators, especially indigenous ship owners, appealed to the government to  consider the sector for intervention funds. Captain Issac Jolapamo, the President of  Indigenous Ship Owners Assocociation of Nigeria (ISAN) begged the Minister of  Transport to intercede on the need to avail the maritime industry such funds.

The Minister, who was meeting the industry stakeholders in Lagos recently, briskly  brushed the request aside, citing waste of huge resources in the industry and lack  of accountability as the reasons government may not accede to their request.

He disclosed that NIMASA approached the ministry with a proposal of $2billion  maritime funds to be granted by the CBN in form of bail-out as in other sectors, but  said that he would not approach the apex bank with such a proposal until he was  personally satisfied that the huge revenue generated in the industry was judiciously  and transparently utilised.

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