The Federal Government has reiterated its commitment to disbursing the Cabotage Vessel Financing Fund (CVFF), a move aimed at boosting Nigeria’s maritime industry and economic growth.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized that the CVFF disbursement remains a priority, as it is expected to stimulate economic growth, create jobs, and solidify Nigeria’s position as a leading maritime hub in Africa .
The Director-General of NIMASA, Dr. Dayo Mobereola, noted that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
He stated that the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, directed NIMASA to collaborate with the Ministry of Finance to address all technicalities and fast-track the release of funds .
The funds, currently domiciled with the Central Bank of Nigeria (CBN), have grown to $350 million over 19 years . The Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, ensuring transparency and efficient utilization of the fund .
