The Federal Government has once again raised hopes of disbursement of the Cabotage Vessels Financing Funds (CVFF).
The funds, which was set up 22 years ago and largely contributed by Nigerian indigenous ships owners, is said to have accrued $350 million (about N420 billion), as at November last year.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Fund.
Fresh hopes of its imminent disbursement to qualified stakeholders was raised on Monday when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the Nigerian Maritime Administration and Safety Agency (NIMASA) to meet with the Minister.
Mr. Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator, KPI for 2025.
According to him, ‘the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential’.
He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA).
‘As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
He said the Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
