The Federal Government has given fresh hope to ship owners that the much-awaited over $350 million Cabotage Vessel Financing Fund (CVFF) would soon be disbursed to enable indigenous shipping operators to compete favourably with their foreign counterparts.
Mu’azu Jaji Sambo, minister of transportation, disclosed this at the weekend when he visited the National Inland Waterways Authority (NIWA) Area Office in Port Harcourt, Rivers State.
The CVFF is an intervention fund created by the Federal Government alongside the Cabotage Act of 2003, for the development of indigenous shipping capacity in Nigeria. The fund, if given to ship owners, would enable them to maintain existing vessels or purchase new ones for cabotage trade.
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According to the Minister, CVFF would support maritime activities, which he described as the gateway to the nation’s economy. He added that if properly harnessed that the maritime industry can replace the revenue from the oil.
