The Digest: The Federal Government has launched a $25 million Cabotage Vessel Financing Fund (CVFF) portal to provide accessible financing for indigenous shipowners. The portal, unveiled by the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Lagos, aims to end over two decades of inaccessibility to funds established under the Coastal and Inland Shipping Act of 2003. According to a statement, the digital platform will enable Nigerian shipping companies to apply for loans for vessel acquisition, reduce reliance on foreign-flagged vessels, create jobs, and stimulate growth in the maritime sector.
Key Points:
- This initiative aims to strengthen Nigeria’s maritime independence by supporting local ownership of vessels for coastal and inland trade.
- It can stimulate economic growth by creating jobs in shipping, logistics, shipbuilding, and maritime support services.
- The fund reduces dependence on foreign vessels, potentially lowering freight costs and retaining more value within the Nigerian economy.
- The digital portal introduces transparency and efficiency, addressing long-standing concerns about fund accessibility and management.
- The timing aligns with broader efforts to diversify the economy and harness Nigeria’s blue economy potential.
Sources: Channels Tv, The Cable
