By Sylvanus OBASI
To the dismay of maritime stakeholders and indigenous shipowners, the rhetoric surrounding the actual disbursement of the Cabotage Vessel Financing Fund (CFVV) continues endlessly.
This time, it is coming from the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who once again has rhetorically reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
Platform Reporters gathered that the Finance Minister made the rhetoric reaffirmation when the Director-General of NIMASA, Dr. Dayo Mobereola, led a delegation from the Nigerian Maritime Administration and Safety Agency, NIMASA to meet with him recently.
Mr. Edun in the usual rhetoric way, emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.
On his part, Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.
“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential,” Dr. Mobereola said.
He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA). As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.
L-R: Director, Cabotage Services, Nigerian Maritime Administration and Safety Agency, NIMASA, Kabir Murnai; Coordinator Abuja Zonal Office, NIMASA; Moji Jimoh; Special Adviser to Minister; Hauwa Ibrahim; DG/CEO, NIMASA, Dr. Dayo Mobereola; Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Executive Director, Maritime Labour & Cabotage Services, NIMASA, Mr. Jibril Abba; Assistant Director, CVFF/Stakeholder engagement, NIMASA, Mojisola Akomolafe and Head, Financial Services of NIMASA Mr. Funmi Ogunsanwo.
The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.
Meanwhile, maritime stakeholders are tired of these endless rhetorics coming from either NIMASA, the Ministry of Marine and Blue Economy or the Finance Minister over the CVFF, instead of actually disbursing the fund to serve the purpose for which it was established several years ago.
