The federal government, in collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA), is set to speed up the deployment of the Cabotage Vessel Financing Fund (CVFF) to support the growth of indigenous shipping companies.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, met with NIMASA Director-General, Dayo Mobereola, to discuss strategies for unlocking financing for local shipowners.
This movement aligns with the Federal Government’s efforts to expand coastal trade, create jobs, and strengthen Nigeria’s position in the global maritime sector.
This was contained in a statement on the X handle of the Federal Ministry of Finance,on Sunday, 9th of March 2025.
The statement reads:
“HM Wale Edun met with Nigerian Maritime Administration and Safety Agency DG Dr. Dayo Mobereola, to fast-track the deployment of the Cabotage Vessel Financing Fund. A crucial step toward supporting the growth of indigenous shipping companies.
“With a sharp focus on unlocking financing for local shipowners, the discussions reinforced the government’s commitment to expanding coastal trade, creating jobs, and strengthening Nigeria’s position in the global shipping arena.
“Stronger collaboration between key stakeholders on the efficient utilization of the funds to position Nigeria’s maritime industry for long-term growth was emphasised, ensuring that the CVFF delivers maximum impact.” [CONTINUE READING HERE]>>>>>
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