FG Reaffirms Commitment to CVFF Disbursement – Finance Minister
The Federal Government has reiterated its commitment to the disbursement of the Cabotage Vessel Financing Fund (CVFF) as part of efforts to boost Nigeria’s maritime industry and economic growth.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this known during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, and his delegation. The discussion focused on ensuring the smooth disbursement of the CVFF, a fund designed to support indigenous shipping operators.
According to Edun, President Bola Ahmed Tinubu’s administration considers the CVFF disbursement a priority due to its potential to stimulate economic growth, create jobs, and solidify Nigeria’s position as a leading maritime hub in Africa.
Dr. Mobereola emphasized that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025. He further stated that Minister Adegboyega Oyetola, CON, had directed NIMASA to collaborate with the Ministry of Finance to address all technicalities and fast-track the release of funds.
“The Honourable Minister of Marine and Blue Economy instructed us to work closely with the Minister of Finance to establish modalities that will ensure swift and efficient disbursement of the CVFF. This administration is committed to unlocking the full potential of Nigeria’s maritime sector,” Mobereola said.
He noted that the funds have been held at 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 his Ministry in NIMASA’s in-house committee on CVFF disbursement, which operates under the supervision of the Ministry of Marine and Blue Economy.
Edun also highlighted the importance of transparency and regular updates on the fund’s utilization, ensuring that contributors and key stakeholders benefit efficiently while fostering sustainable growth in Nigeria’s maritime industry.
