The Federal Government has promised to disburse the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping operators soon in order to enable them to compete favourably with their international counterparts.
Speaking at the weekend while on a visit to National Inland Waterways Authority in Port Harcourt, Rivers State, the Minister of Transportation, Mu-azu Jaji Sambo, said the funds would boost the capacity of the Nigerian shipping line.
According to a statement by Eric Ojiekwe, the CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them to maintain existing vessels or purchase new ones.
Sambo described the CVFF as a low-hanging fruit that would support 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.
He appreciated the level of work done at the ports, “we are making good progress, bringing this place to a world standard,” but urged the operators to ensure completion by 2025.
Sambo assured that as part of the railway modernization policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
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