Nigeria’s Finance Minister, Wale Edun, has reaffirmed the Federal Government’s commitment to disbursing the Cabotage Vessel Financing Fund (CVFF), a move aimed at boosting the country’s maritime industry and economic growth.
During a meeting with the Director-General of NIMASA, Dr. Dayo Mobereola, Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive impact on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
The Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025, with the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, directing NIMASA to engage with the Minister of Finance to resolve all technicalities and fast-track the disbursement of the CVFF to beneficiaries.
The funds, which have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA), will be disbursed through a transparent process, with regular updates to ensure that contributors and key stakeholders benefit efficiently.
This development is a significant step towards unlocking the full potential of Nigeria’s maritime sector, and Edun’s commitment to the CVFF disbursement is a positive indication of the government’s dedication to driving economic growth and development.
Comment here