ZAINAB JUNAID
The Federal Government has reiterated its dedication to developing Nigeria’s maritime industry by expediting the disbursement of the Cabotage Vessel Financing Fund, CVFF.
A statement issued on March 10, 2025, by Osagie Edward, Head of Public Relations at the Nigerian Maritime Administration and Safety Agency, NIMASA, revealed that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced this significant development during a meeting with the NIMASA Director-General, Dr. Dayo Mobereola and his delegation at the Minister’s office.
Mr. Edun, emphasised that the CVFF disbursement remains a priority to President Bola Ahmed Tinubu’s administration, with the aim of stimulating economic growth, creating employment opportunities, and solidifying Nigeria’s position as a leading maritime hub in Africa.
In a remark, Dr. Mobereola noted that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator, KPI, for 2025.
L-R: Director, Cabotage Services, Nigerian Maritime Administration and Safety Agency, NIMASA, Kabir Murnai; Coordinator Abuja Zonal Office, NIMASA; Moji Jimoh; Special Adviser to Minister; Hauwa Ibrahim; DG/CEO, NIMASA, Dr. Dayo Mobereola; Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Executive Director, Maritime Labour & Cabotage Services, NIMASA, Mr. Jibril Abba; Assistant Director, CVFF/Stakeholder engagement, NIMASA, Mojisola Akomolafe and Head, Financial Services of NIMASA Mr. Funmi Ogunsanwo.
He equally informed that the funds have been domiciled with the Central Bank of Nigeria, CBN, since the implementation of the Treasury Single Account, TSA.
According to him, the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed them to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries.
“This administration is committed to unlocking the sector’s full potential,” Dr. Mobereola emphasised.
As part of efforts to accelerate the CVFF disbursement process, the Minister of Finance has approved the inclusion of a Ministry representative in NIMASA’s in-house committee on CVFF disbursement. This move aims to enhance collaboration and oversight, with the Ministry of Marine and Blue Economy providing supervision.
The minister of Finance stressed the importance of transparency and regular updates on the fund’s utilization, ensuring that contributors and key stakeholders benefit efficiently while fostering sustainable growth in Nigeria’s maritime industry.
The CVFF, established under the Coastal and Inland Shipping Act of 2003, aims to provide financial support to indigenous shipowners, promoting the development of Nigeria’s shipping industry.
