Nigerian Shippers' Council made an initial contribution which has been described as SEED MONEY. The principle is that the fund would be contributory by Importers and Exporters. The council will continue to contribute to the fund until it becomes financially independent.
The fund has been set up as a PUBLIC-PRIVATE SYNERGY with an initial sum from the Nigerian Shippers' Council. The council still makes an annual contribution to the Fund. The council has also provided personnel and office accommodation for the Secretariat of the Fund.
It is envisaged that after a period of time, when the Fund is in a position to manage itself and the contributions in terms of subscription from the shippers have increased meaningfully, subscribers to the Fund would be more involved in the management of the fund.
Currently, the contributors to the scheme are the Nigerian Shippers' Council, Importers and Exporters and some Government Agencies that receive income from shippers (by way of grant to CDF).
Many Shippers have asked the Nigerian Shippers' Council to levy all shippers for the contribution to the Fund. We believe that as shippers are empowered and assisted financially to recover losses, with other economic incentives put into place by Nigerian Government, shippers would prosper and would meaningfully contribute to the Fund.
They are, however, generally enthusiastic about the scheme. It has been described as a timely and welcomed development.