FG concludes plan to disburse Cabotage Vessel Financing Fund
In bid to empower indigenous ship owners and shipping operations, the Federal Government has concluded plans to disburse the Cabottage Vessel Financing Fund, CVFF.
The move according to the Minister of Transport Engr Muazu Sambo is also to enable local operators compete soon to enable favourably with their international counterparts.
Disclosing this weekend during a visit to Area office of National Inland Waterways Authority NIWA, in Port Harcourt, Rivers State Sambo said
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them maintain existing vessels or purchase new ones.
Sambo who described the CVFF as a low hanging fruit, also said it would support maritime activities which is the gateway to the nation’s economy, adding that “if we get our acts right, the maritime industry can replace the revenue from the oil” .
Similarly, Sambo speaking at BUA Ports and Terminal Limited, also in Port Harcourt expressed delight at the progress of work, saying: “we are making good progress, bringing this place to a world standard,” but urged the operators to ensure completion by 2025.
The Minister assured that as part of the railway modernization policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
