FG to give Nigerian shipowners $25m each under new shipping fund
The Federal Government will provide Nigerian shipowners with up to $25m each from the Cabotage Vessel Financing Fund, strengthening indigenous shipping. Read More: https://punchng.com/fg-to-give-nigerian-shipowners-25m-each-under-new-shipping-fund/
The Nigerian government plans to provide qualified shipowners with up to $25 million each under a new shipping fund called the Cabotage Vessel Financing Fund (CVFF). This initiative, announced by Minister of Marine and Blue Economy Adegboyega Oyetola, aims to strengthen the indigenous shipping industry and create over 30,000 jobs.
The CVFF, established in 2003, has been delayed for over two decades, but the government is now accelerating the disbursement process. Oyetola stated that this funding will enable shipowners to acquire modern vessels, expand their fleets, and compete with foreign operators in coastal and offshore contracts. The minister also highlighted the potential for job creation in various maritime-related industries and pledged to continue investing in human resources to support the maritime sector.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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