In a bid to empower indigenous ship owners and shipping operations, The Federal Government has concluded plans to disburse the Cabottage Vessel Financing Fund, CVFF.
The move according to the Minister of Transport Engr Muazu Sambo is also to enable local operators compete soon to enable favourably with their international counterparts.
Disclosing this weekend during going to Area office of National Inland Waterways Authority NIWA, in Port Harcourt, Rivers State Minister Muazu Sambo said.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them maintain existing vessels or purchase new ones.
Sambo who described the CVFF as a low hanging fruit, also said it would help maritime activities which is the gateway to the nation’s economy, adding that “if we get our acts right, the maritime industry can replace the revenue from the oil” .
Similarly, Sambo speaking at BUA Ports and Terminal Limited, also in Port Harcourt expressed delight at the progress of work, saying: “we are making well progress, bringing this place to a world standard,” but ask the operators to ensure completion by 2025.
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