FG to Disburse Cabotage Vessel Financing Fund Soon

September 5, 2022
Cabotage Vessel Financing Fund

By Adedapo Adesanya

The federal government has promised to commence the disbursement of the Cabotage Vessel Financing Fund (CVFF) before the end of 2022 in order to build and increase local capacity in the maritime sector, as well as improve the nation’s economy.

The Minister of Transportation, Mr Mu’azu Jaji Sambo, said this while commissioning two boats acquired by the National Inland Waterways Authority in Marine Base, Port Harcourt, Rivers State.

He said CVFF is a fund established under the Cabotage Act to build domestic capacity, stressing the need to build local capacity for Nigerians involved in the maritime business.

He stated that machinery has already been put in place to commence the disbursement of the funds in no distant time, assuring of his continued support to NIWA, saying that inland waterways transportation remains an alternative means of moving a nation’s economic growth and development, especially when that country is endowed with water.

“Regarding the Cabotage Vessel Financing Fund, it is low-hanging fruit and I will do everything within my powers to ensure that fund is disbursed to Nigerians as quickly as possible so that Nigerian ship owners can increase capacity as well as generate wealth here instead of patronizing foreign ships and money from such business is taken out from Nigerians and rending us jobless.

“So, I want to assure the maritime community that I have already put in place machinery to ensure that we benefit from the Cabotage Vessel Financing Fund before the end of this year by the grace of God,” Mr Sambo stated.

The Minister also urged the Managing Director of NIWA to ensure that the Marina Area Office of the authority becomes a hub for trans-shipping cargo from Lagos through the intra-coastal routes to Warri, Onitsha up to Baro port.

“Whatsoever support you will require to get this project kick-off, I will give it to you. Please move as quickly as you can to get this channel management operationalized,” he stated.

On his part, the Managing Director of NIWA, Mr George Moghalu disclosed that the agency has licensed several companies for the transportation of cargo across the waterways in Nigeria, especially, from Lagos and Onne Ports to the hinterlands.

He said the newly acquired boats will enhance the operational efficiency of the organisation, adding that NIWA in the last year has acquired more than 20 different kinds of boats, patrol boats, tugboats, houseboats and water ambulances for distribution to various Area Offices of the authority.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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