Cabotage fund disbursement gets FG nod

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Cabotage fund disbursement gets FG nod

Chinazor Megbolu   |

At last, the federal government has given its nod over the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping owners.

The announcement was made by the Minister of Transportation, Hon Rotimi Chibuike Amaechi Thursday night on the occasion of the Stakeholders Appreciation Night put up by the Nigerian Shippers Council (NSC) in Lagos.

The Minister informed stakeholders in the industry that the disbursement process of the fund put at about $200million will begin next Tuesday.

Amaechi made the declaration during a meeting with the managements of the NSC, Nigerian Maritime Administration and Safety Agency (NMASA) and Nigerian Inland Waterways Authority (NIWA) in a bid to seek advisory role on the way forward for disbursement.

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