Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the commitment of President Bola Ahmed Tinubu?s administration to the disbursement of the Cabotage Vessel Financing Fund (CVFF).

This was the focus of discussions when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the Nigerian Maritime Administration and Safety Agency, NIMASA to meet with the Minister.

Mr. Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria?s position as a major maritime hub in Africa.

On his part, Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.

?The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON 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,? Dr. Mobereola said.

He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA?s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.

The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria?s maritime industry for sustainable growth.

Update news