The Federal Government is set to disburse the Cabotage Vessel Financing Fund (CVFF) soon to enable indigenous shipping operators to compete favourably with their international counterparts.
Minister of Transportation, Mu’azu Jaji Sambo disclosed this on Friday when he visited the National Inland Waterways Authority (NIWA) Area Office in Port Harcourt, Rivers State.
The CVFF is a contributory fund created for the development of indigenous shipping capacity in Nigeria. The fund is derived from a 1% levy paid by ships involved in coastal trade.
Past Ministers of Transportation made several promises to disburse the CVFF but they all failed to fulfil their promises.
Describing the CVFF as a low hanging fruit, the Minister said it would support maritime activities in the country.