The Federal Government is set to disburse the Cabotage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts.
The Minister of Transportation, Mu’azu Sambo, disclosed this when he visited the National Inland Waterways Authority (NIWA) Area Office in Port Harcourt, Rivers State, on Friday.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity. It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones.
The ministry stated, in Abuja yesterday, that the minister described the CVFF as a low-hanging fruit that would support the maritime economy, which could replace oil revenues if properly handled.
While inspecting work at the BUA Ports and Terminal Ltd. situated at the Rivers Port, Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025. Furthermore, the Minister assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
The Minister was accompanied on the trip by the ministry’s Director, Finance and Accounts, Umaru Hassan, who represented the Permanent Secretary, Dr. Magdalene Ajani, Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, Managing Director, Nigerian Railway Corporation, Fidet Okhiria, and the Registrar, Council for Regulation of Freight Forwarding in Nigeria, Sam Nwakohu, among others