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The Federal Government is set to disburse the Cabottage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity.
It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones.
Minister of Transportation, Malam Mu-azu Sambo made the declaration about the planned disbursement of the fund when he visited the National Inland Waterways Authority, Area Office in Port Harcourt on Friday.
The ministry stated on Saturday in Abuja that the minister described the CVFF as a low-hanging fruit that would support maritime economy, which could replace oil revenues if properly handled.
While inspecting work at the BUA Ports and Terminal Ltd. situated at the Rivers Port, Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025.
He assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes. (NAN)
