The Federal Government has pledged to expedite the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF) to support indigenous shipping companies and stimulate growth in the maritime sector.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this commitment during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dayo Mobereola, at his office in Abuja over the weekend.
In a statement released by the Federal Ministry of Finance, Edun reaffirmed the government’s dedication to unlocking the potential of the maritime industry through improved access to financing for local shipowners.
He described the prompt disbursement of the CVFF as a critical step toward boosting coastal trade, creating jobs, and positioning Nigeria as a key player in the global shipping industry.
The meeting underscored the need for stronger collaboration between stakeholders to ensure the efficient utilization of the CVFF, aiming to deliver maximum impact and long-term growth for the maritime sector.
He said by prioritizing the fund’s disbursement, the Federal Government aims to empower indigenous shipping companies, reduce foreign dominance in coastal trade, and generate employment opportunities for Nigerians within the maritime space.
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