The Federal Government is set to disburse the Cabotage Vessel Finance Fund to indigenous shipowners soon.
This is coming after a delay of the fund for 15 years.
This was made known by the Minister of Transportation, Rotimi Amaechi at the Nigerian Shippers’ Council in Lagos.
Amaechi, who spoke at a stakeholders’ appreciation night organised by the Nigerian Shippers’ Council in Lagos, said his ministry had finally received the approval of the President, Major General Muhammadu Buhari (retd.), to commence the disbursement of the fund by January 2020.
The cabotage vessel finance fund is under the management of the Nigerian Maritime Administration and Safety Agency while the fund is being warehoused at the Central Bank of Nigeria.
The CVFF scheme was introduced in 2004 as contributions by shipowners and they are expected to access and buy new vessels as well as maintain the existing ones.