President Muhammadu Buhari has approved the disbursement of the $350million Cabotage Vessel Financing Fund (CVFF) to indigenous shippers, bringing to an end, controversies that have followed previous announcements.
Daily Trust on Sunday reports that five primary lending institutions have been approved by government for the disbursement.
Recall that the federal government had in September 2022 promised to commence the disbursement of the CVFF before the end of 2022 in order to build and increase local capacity in the maritime sector, as well as improve the country’s economy.
The CVFF fund, which was previously $195million, increased to $350m in 2022, representing 79.4 per cent increase.
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Speaking at the flag-off ceremony of the third phase of the Nigerian Seafarers Development Program (NSDP) held at the Naval Dockyard Limited in Lagos, the Minister of Transportation, Muazu Jaji Sambo announced the approval for the disbursement of the CVFF by the president.
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