The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Cabotage Vessel Financing Fund (CVFF), a critical initiative aimed at boosting Nigeria’s maritime sector.
This disclosure was made by Edun during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, who led a delegation to his office.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003, designed to develop indigenous ship acquisition capacity and provide financial assistance to Nigerian operators in the domestic coastal shipping business.
In his statement, Edun stressed that the disbursement of the CVFF remains a priority for the government, as it is expected to drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
Dr. Mobereola, on his part, highlighted that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025, underscoring the urgency to expedite the process.
The Minister of Finance further revealed that the funds have been lodged with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA), and efforts are underway to fast-track their disbursement.
In a bid to streamline the process, Edun approved the inclusion of a representative from the Ministry of Finance in NIMASA’s in-house committee overseeing the CVFF disbursement, which will operate under the supervision of the Ministry of Marine and Blue Economy.
Dr. Mobereola added that the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the agency to engage with the Ministry of Finance to resolve all technicalities and establish clear modalities for accelerating the disbursement process.
The Minister of Finance also emphasised the importance of regular updates and transparency in the utilisation of the fund, ensuring that all contributors and stakeholders benefit efficiently.
This approach, according to Edun, would ensure sustainable growth for Nigeria’s maritime industry and unlock its full potential.
With these commitments, the government aims to position Nigeria as a major player in the maritime sector, creating opportunities for economic growth and employment.
