FG to soon disburse cabotage vessel financing fund-Sambo – The Sun Nigeria

By Steve Agbota

The federal government is preparing to disburse the Coastal Shipping Vessel Financing Fund (CVFF) in the near future to enable national maritime operators to compete favorably with their international counterparts.

Transport Minister Mu’azu Jaji Sambo revealed this over the weekend during his visit to the National Inland Waterways Authority, Regional Office in Port Harcourt, Rivers State.

The CVFF is an intervention fund established by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them to maintain existing vessels or purchase new ones.

Describing the CVFF as a fruit at hand, the minister said he would support maritime activities which are the gateway to the national economy, adding that “if we do the right thing, the maritime industry can replace the oil revenues”.

While answering questions from reporters at BUA Ports and Terminal Limited, located at Rivers Port, the Minister was pleased with the progress of the works, saying: “we are making good progress, bringing this place to a global standard” , but urged the operators to ensure completion by 2025.

Furthermore, the minister assured that under the railway modernization policy, railway lines would be connected to seaports for efficient and effective transport of goods.

The Minister was accompanied on the trip by the Director, Finance and Accounting, FMT, Umaru Hassan who represented the Permanent Secretary, Dr Magdalene Ajani, Directors, MSD, Legal Services, Railways, Press, Babatunde Sule, Pius Oteh, Jimoh Yusfu, Eric Ojiekwe, respectively.

Others were: Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko, Managing Director of the Nigerian Railway Corporation, Fidet Okhiria and Registrar of the Freight Transit Regulatory Council, Nigeria, Sam Nwakohu, among others.

Michael J. Birnbaum