The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the federal government’s commitment to disbursing the Cabotage Vessel Financing Fund (CVFF) as part of efforts to boost Nigeria’s maritime sector.
In a statement on Monday, the Head of Public Relations at the Nigerian Maritime Administration and Safety Agency (NIMASA), Osagie Edward, disclosed that the matter was a key focus during a meeting between the finance minister and NIMASA’s Director-General, Dr. Dayo Mobereola. Edun has approved the inclusion of a representative from the finance ministry in NIMASA’s committee overseeing the CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
According to Edun, disbursing the CVFF remains a priority as it is expected to drive economic growth, create jobs, and strengthen Nigeria’s position as a key maritime hub in Africa. He also emphasized the need for transparency in fund utilization to ensure contributors and stakeholders benefit efficiently while advancing the sector’s long-term sustainability. Mobereola stated that the Ministry of Marine and Blue Economy has identified CVFF disbursement as a key performance target for 2025. He added that Minister Adegboyega Oyetola has directed NIMASA to engage the finance ministry in resolving technicalities and expediting the release of funds. He further confirmed that the funds remain domiciled with the Central Bank of Nigeria under the Treasury Single Account system.
The CVFF, a fund aimed at supporting indigenous shipowners, has been long-awaited, with stakeholders calling for its release to boost local shipping capacity and enhance Nigeria’s maritime economy.
