The Minister of Finance, Wale Edun, has reaffirmed the government’s commitment to disbursing the Cabotage Vessel Financing Fund. The initiative aims to boost job creation and strengthen the country’s maritime sector.
This was revealed by Edun when the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, led a delegation to meet with him in his office.
The Cabotage Vessel Financing Fund (CVFF), created under the Coastal and Inland Shipping (Cabotage) Act of 2003, is designed to enhance indigenous ship acquisition capacity and provide financial support to Nigerian operators in the domestic coastal shipping industry.
The minister emphasized that the disbursement of the CVFF remains a top priority for the government, as it is expected to boost the economy, stimulate growth, create jobs, and solidify Nigeria’s role as a leading maritime hub in Africa.
Dr. Mobereola, on his part, noted that the Ministry of Marine and Blue Economy has designated the CVFF disbursement as a key performance indicator (KPI) for 2025. He further explained that the funds have been held by the Central Bank of Nigeria (CBN) since the adoption of the Treasury Single Account (TSA).
Dr. Mobereola highlighted the ministry’s commitment to ensuring the swift disbursement of the CVFF, stating, “The Honorable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, has 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,” he added.
As part of efforts to accelerate the process, the finance minister approved adding a Ministry representative to NIMASA’s CVFF disbursement committee under the Marine and Blue Economy Ministry’s supervision. The minister also emphasized transparency and regular updates to ensure stakeholders benefit while strengthening Nigeria’s maritime sector.
