FG to disburse CVFF soon- Sambo

The Federal Government is set to disburse the Cabottage Vessel Financing Fund soon to enable indigenous shipping operators to compete favourably with their international counterparts.

The Minister of Transportation, Mu’azu Jaji Sambo, made the disclosure at the weekend while visiting the National Inland Waterways Authority, Area Office in Port Harcourt, Rivers State, as part of his tour of the eastern ports.

The CVFF is an intervention fund created 19 years ago by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable ship owners maintain existing vessels or purchase new ones.

The Minister who described the CVFF as a low- hanging fruit, said it would support  maritime activities which is the gateway   to the nation’s economy, and that “if we get our acts right, the maritime industry can replace the revenue from the oil.”

Fielding questions from newsmen at the BUA Ports and Terminal Limited, situated at the Rivers Port, the Minister expressed delight at the progress of work, saying: “we are making good progress, bringing this place to a world standard,”  but urged the operators to ensure completion by 2025.

Furthermore, the Minister assured that as part of the railway modernization policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.

The Minister was accompanied on the tour by the Director Finance and Accounts, FMoT,  Umaru Hassan, who represented the Permanent Secretary, Dr. Magdalene Ajani, Directors MSD, Legal Services, Rail, Press;  Babatunde Sule, Pius Oteh, Jimoh Yusfu, Eric Ojiekwe, respectively.

Others were the Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko, Managing Director of the Nigerian Railway Corporation, Fidet Okhiria, and the Registrar, Council for Regulation of Freight Forwarding, in Nigeria, Sam Nwakohu among others.