The Federal Government, through the Ministry of Finance and the Coordinating Ministry of the Economy, has reaffirmed its commitment to the prompt disbursement of the Cabotage Vessel Financing Fund (CVFF). This assurance was given by the Honourable Minister, Mr. Wale Edun, during a recent meeting with a delegation from the Nigerian Maritime Administration and Safety Agency (NIMASA), led by Director-General, Dr. Dayo Mobereola.
Minister Edun emphasized that President Bola Ahmed Tinubu’s administration views the CVFF disbursement as a critical economic driver, expected to generate substantial positive impacts, including economic growth, job creation, and the strengthening of Nigeria’s position as a leading maritime hub in Africa.
Dr. Mobereola revealed that the Ministry of Marine and Blue Economy, under the leadership of Adegboyega Oyetola, CON, has designated the CVFF disbursement as a key performance indicator (KPI) for 2025. “The Honourable Minister of Marine and Blue Economy 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,” he stated.
The CVFF, currently domiciled with the Central Bank of Nigeria (CBN) due to the implementation of the Treasury Single Account (TSA), has been a subject of ongoing discussions. To expedite the disbursement process, Minister Edun has approved the inclusion of a representative from the Ministry of Finance in NIMASA’s internal CVFF disbursement committee, which operates under the supervision of the Ministry of Marine and Blue Economy.
Furthermore, Minister Edun stressed the importance of transparency and regular updates on the utilization of the fund, ensuring efficient benefits for contributors and key stakeholders. This measure aims to position Nigeria’s maritime industry for sustainable growth and development.
This commitment from the Federal Government signifies a renewed focus on bolstering the maritime sector, recognizing its vital role in the nation’s economic diversification and growth strategy.