FG to begin disbursement of cabotage vessels funds Q4 2022

Adebayo Obajemu

The federal government has said it will begin the disbursement of Cabotage Vessels Financing Fund, in order to build and increased local capacity in the maritime sector, as well as improve the nation’s economy, before the end of 2022.

The Minister of Transportation, Mu’azu Jaji Sambo, said this while commissioning two boats acquired by the National Inland Waterways Authority in Marine Base, Port Harcourt, said CVFF is a fund established under the Cabotage Act, in order to build domestic capacity.

Sambo who harped on the need to build local capacity for Nigerians involved in maritime business, said machinery have already been put in place to commence the disbursement of the funds in no distant time.

He also assured 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 a 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.”