FG reaffirms commitment to CVFF disbursement

• Published On: 13 March 2025 at 06:56

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed President Bola Tinubu’s commitment to disbursing the Cabotage Vessel Financing Fund

This was stated in a release on Monday by the Head of Public Relations at the Nigerian Maritime Administration and Safety Agency, Osagie Edward.

According to the statement, the decision was a key focus of discussions during a meeting between the Edun, and a NIMASA delegation led by Director-General Dr. Dayo Mobereola.

The statement read in part, “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.”

Speaking further, Edun stated 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.”

Edun emphasized the need for regular updates and transparency in the fund’s utilization to ensure contributors and stakeholders benefit efficiently while driving sustainable growth in Nigeria’s maritime sector.

Meanwhile, Dr. Mobereola noted that the Ministry of Marine and Blue Economy has designated CVFF disbursement as a key performance indicator for 2025.

“The Minister of Marine and Blue Economy, Adegboyega Oyetola, has 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,” Mobereola said.