Again, Minister Assures Of FG’s Commitment To Disbursement Of CVFF After 22 Years Of Delay
By Sulaimon Salau
For the umpteenth time, stakeholders in the maritime sector have been assured of the Federal Government’s commitment to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
CVFF has been criticized for years of inaction and broken promises. The fund was established in 2003 to help Nigerian ship owners compete in the maritime sector.
However, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has also reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the fund.
This was the focus of discussions when the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, led a delegation to meet with the minister.
Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
On his part, Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
“The Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed us 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 said.
He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
