Cabotage Vessel Financing Fund for disbursement January 2020--- Amaechi

The Honourable Minister of Transportation, Rotimi Amaechi

The Honourable Minister of Transportation, Mr. Rotimi Amaechi, on Thursday confirmed the Federal Government’s approval to disburse the Cabotage Vessel Financing Fund (CVFF) to indigenous ship owners.

The Minister made the disclosure at the 2019 Maritime Industry Stakeholders’ Appreciation Night organised by the Nigerian Shippers’ Council, which held at the Lagos Continental Hotel in Victoria Island, Lagos.

Established under the Cabotage and Inland Shipping (Cabotage) Act 2003, the provisions empower the minister of transport to give guidelines and supervise the disbursement of the fund, which is meant to support maintenance and acquisition of ships by indigenous shipowners.

Amaechi said that the disbursement of the funds would be by January 2020.

He also said that he already scheduled a meeting for next week with relevant agencies of government under the Federal Ministry of Transportation and the indigenous shipowners to enable them work out modalities for the disbursement of the CVFF.

The indigenous ship owners have been pressing for the disbursement of the funds, which is said to be over USD 100 million, to qualified operators, as an initiative to shipping development.