CVFF Fund Disbursement: The Federal Government has intensified efforts to fast-track the disbursement of the Cabotage Vessel Financing Fund to boost Nigeria’s maritime sector. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, reaffirmed this commitment during a crucial meeting with the Nigerian Maritime Administration and Safety Agency (NIMASA) leadership.
Finance Ministry Joins CVFF Oversight Committee
In a statement released on Monday, Osagie Edward, Head of Public Relations at NIMASA, confirmed that the finance minister approved the inclusion of a representative from the finance ministry in NIMASA’s CVFF disbursement committee. This move aligns with the directives of the Ministry of Marine and Blue Economy, which oversees the fund’s allocation.
Edun emphasized that disbursing the CVFF remains a priority as it will drive economic growth, create jobs, and position Nigeria as a leading maritime hub in Africa. He stressed the importance of transparency in fund management to ensure fair benefits for all stakeholders while ensuring the sector’s long-term sustainability.
CVFF Disbursement Set as a Key Target for 2025
Dr. Dayo Mobereola, NIMASA’s Director-General, confirmed that the Ministry of Marine and Blue Economy has identified CVFF disbursement as a key performance target for 2025. He added that Minister Adegboyega Oyetola has directed NIMASA to collaborate with the finance ministry to resolve technical issues and accelerate the release of funds.
Mobereola also assured stakeholders that the funds remain secured under the Treasury Single Account (TSA) system at the Central Bank of Nigeria (CBN). The agency is working to ensure a seamless process that benefits the maritime industry.
Long-Awaited Relief for Indigenous Shipowners
The CVFF, designed to support indigenous shipowners, has been delayed for years. Maritime stakeholders have consistently urged the government to release the funds to strengthen local shipping capacity and enhance Nigeria’s maritime economy.
With renewed commitment from the federal government and inter-agency collaboration, expectations are high that the CVFF disbursement will soon become a reality, bringing long-overdue benefits to the shipping industry and boosting Nigeria’s blue economy.