The Federal Government of Nigeria (FGN) will soon disburse the Cabottage Vessel Financing Fund (CVFF) to enable indigenous shipping operators compete fairly with their international counterparts.
The Minister of Transportation, Mu’azu Sambo disclosed this over the weekend when during his visit to the National Inland Waterways Authority, Area Office in Port Harcourt, Rivers State.
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 CVFF said the CVFF, which he described as low hanging fruit, would boost maritime activities as the gateway to the nation’s economy. In his words, “if we get our acts right, the maritime industry can replace the revenue from the oil”.
He gave assurance that, as part of the railway modernization policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
The Minister’s entourage on the trip were; the Director, Finance and Accounts, FMT, Umaru Hassan who represented the Permanent Secretary, Dr. Magdalene Ajani, Directors, MSD, Legal Services, Rail, Press, Babatunde Sule, Pius Oteh, Jimoh Yusfu and Eric Ojiekwe.
Others include: Managing Director, Nigerian Ports Authority, Mohammed Bello-Koko, Managing Director, Nigerian Railway Corporation, Fidet Okhiria and the Registrar, Council for Regulation of Freight Forwarding, in Nigeria andSam Nwakohu.
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