Joyce Mmereole Okoli
After a long wait for the disbursement of the Cabotage Vessel Financing Fund (CVFF), The Federal Government has reiterated its commitment to the disbursement of the fund. A move expected to boost Nigeria’s maritime sector and stimulate economic growth.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed this during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, and his delegation.
Mr. Edun emphasized that the disbursement of the CVFF remains a priority for President Bola Ahmed Tinubu’s administration, given its potential to drive employment, enhance economic activities, and strengthen Nigeria’s status as a leading maritime hub in Africa.
Dr. Mobereola, in his remarks, highlighted that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025. He noted that the Minister of Marine and Blue Economy, Adegboyega Oyetola, had directed NIMASA to work closely with the Ministry of Finance to resolve technicalities and establish clear modalities for the fund’s distribution.
“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, 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,” Dr. Mobereola said.
He further explained that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). To accelerate the process, the Minister of Finance has approved the inclusion of a representative from his Ministry in NIMASA’s in-house committee overseeing the CVFF disbursement.
Mr. Edun also stressed the need for transparency and regular updates on the utilization of the fund, ensuring that contributors and stakeholders benefit efficiently while positioning Nigeria’s maritime industry for long-term growth.
The CVFF, established under the Coastal and Inland Shipping Act (Cabotage Act) of 2003, is aimed at providing financial support to indigenous shipowners to develop Nigeria’s shipping industry.