The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reiterated the federal government’s commitment to disbursing the Cabotage Vessel Financing Fund (CVFF).
Edun made this known during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, who led a delegation to his office.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, is designed to support indigenous shipowners by providing financial assistance for vessel acquisition, thereby boosting Nigeria’s domestic shipping industry.
According to Edun, the disbursement of the fund remains a government priority due to its potential to stimulate economic growth, create jobs, and enhance Nigeria’s status as a key maritime hub in Africa.
Dr. Mobereola emphasized that the Ministry of Marine and Blue Economy has identified CVFF disbursement as a major performance benchmark for 2025. He stated that the Minister of Marine and Blue Economy, Adegboyega Oyetola, has instructed NIMASA to collaborate with the Finance Ministry to resolve technical issues and establish a framework for speedy disbursement.
He also highlighted that the CVFF has been held by the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). To facilitate the process, the Finance Minister has approved the inclusion of a representative from his ministry in NIMASA’s CVFF disbursement committee, which operates under the supervision of the Marine and Blue Economy Ministry.
Edun further stressed the need for transparency and regular updates on fund utilization to ensure that contributors and key stakeholders benefit effectively, ultimately driving sustainable growth in Nigeria’s maritime sector.
