CVFF:  Government is Sincere with Disbursements – Aniezechukwu

CVFF:  Government is Sincere with Disbursements – Aniezechukwu

Chinazor Megbolu


The Federal Government of Nigeria is sincere with the promise of the disbursement of Cabotage Vessels Finance Funds (CVFF).

The Convener, Sea Empowerment, Mr. Francis Uchechukwu Aniezechukwu had said this during an exclusive chat in Lagos.

Aniezechukwu said that there may seem to be face-off between Government and stakeholders, the fact remains that the move by the Federal Government is sincere.

“It’s natural that there will be face-off between government and stakeholders considering the duration this  funds have accumulated, I think over 10 years, but in all honesty, I do not see any insincerity on the part of government having gone ahead to roll out the guidelines for the disbursement,”

he said.

He commended the government for the approval of the CVFF disbursement in the first place.

“Government must be commended for giving approval for the disbursement of this fund. The funds should be audited to determine how much is the total fund.

“Remember that this fund has been there many years and past administration didn’t deem it fit to disburse.

“However, in line with my principle of transparency, accountability and integrity which am sure this administration stands for, I do not get the impression that the government is not sincere with the issue of CVFF because of the enormous benefits associated with ship acquisition especially to indigenous ship-owners in particular and growth in containerised, dry bulk and gas cargoes, “

he said.

Aniezechukwu further explained that United Nations Conference on Trade and Development (UNCTAD) review of the maritime transport last year, shows an average annual growth rate of 3.5 per cent over 2019 – 2024.

“When you look at the UNCTAD review of maritime transport in 2019, it’s expected that the maritime trade expands at an average annual growth rate of 3.5 per cent over 2019 – 2024 down period,”

Aniezechukwu said.

Additionally, he pointed out that the border closure on the local scene implies that the nation’s maritime sector focus is on investments.

Aniezechukwu further averred that the responsibility of monitoring with the designated financial institutions will be to conduct a credit risk analysis upon receiving applications from the various indigenous shipowners.

“This does not look to me an insincere move, but like I said initially, let’s even know how much we are looking.

“Various figures have been flying around from $140- 200 million, “he added.

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