The Federal Government has launched an initiative to provide financial support to indigenous shipowners, aimed at strengthening Nigeria’s maritime sector and reducing dependence on foreign shipping services.
As part of this effort, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, held discussions with the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, to fast-track the deployment of the Cabotage Vessel Financing Fund (CVFF).
Speaking in Abuja over the weekend, Edun reaffirmed the government’s commitment to unlocking the full potential of Nigeria’s maritime industry, describing the initiative as a crucial step toward supporting indigenous shipping companies and enhancing the country’s blue economy.
The CVFF is expected to provide financial aid to local shipowners, enabling them to expand fleet capacity, improve operational efficiency, and boost employment within the sector.