FG Plans to Release Funds for Local Ship Owners
By Patience Ikpeme
The federal government has begun plans to provide financing for local ship owners in Nigeria.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with the Nigerian Maritime Administration and Safety Agency (NIMASA) DG/CEO, Dr. Dayo Mobereola, to speed up the release of the Cabotage Vessel Financing Fund (CVFF).
Mr. Edun stated the government’s promise to help the sector reach its full potential. He said this is “a crucial step toward supporting the growth of indigenous shipping companies.”
A statement from the Ministry of Finance said Mr. Edun gave this promise in his office in Abuja over the weekend.
The discussions showed the need for the government to increase coastal trade, which would create jobs and make Nigeria stronger in global shipping.
Both the minister and the NIMASA Chief Executive agreed that key stakeholders need to work together to use the funds well and help Nigeria’s maritime industry grow for a long time.
They also said it is important that the CVFF has a big impact.
The new focus on maritime growth is expected to help the whole economy, creating jobs and making Nigeria a major maritime hub in Africa.
