After 20 years, FG moves to unlock CVFF for shipowners
…20 of 92 applications already with lenders …Fund expected to create 30,000 jobs — Oyetola By Folarin Kehinde After more than two decades of delays, the Federal Government has begun moves to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners, with the Minister of Marine and Blue Economy, Adegboyega Oyetola, directing lenders to fast-track the processing of applications.
The Federal Government expects increased access to the fund to help indigenous operators compete for coastal and offshore contracts, reduce reliance on foreign vessel operators and retain a greater share of maritime earnings in the Nigerian economy.
The minister’s directive is aimed at ending years of delays that have prevented Nigerian shipowners from accessing the fund established to support vessel acquisition and strengthen indigenous participation in the maritime sector.
This is a summary of the original articles listed below. Always read the source articles for the full context. GhanaSummary does not create or modify the news — we summarise and link to original publishers.
