Amaechi Sets Up Guidelines Committee to Disburse N72b Vessel Financing Fund

Ahead of a planned commencement of the disbursement of the Cabotage Vessel Financing Fund (CVFF), the Federal Government has set up a committee to develop guidelines for the distribution of the fund.

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, established the committee at a meeting on Thursday in Lagos with maritime stakeholders.

He said the panel, selected from among shipowners, would review existing guidelines and come up with a workable document.

That was as the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, who was chosen as Chairman of the committee, said only shipowners, who are contributors to the fund, would be qualified to access the facility.

Amaechi stated, “We have looked at the old guidelines and we have seen that it will not be favourable to every party involved.

Our commitment towards ensuring the disbursement of the CVFF remains unwavering, hence, the reason we are setting up this committee to look at the guidelines and come up with a workable one that will suit all parties involved.”

The Minister said part of the economic benefits of the disbursement of the fund would be creation of employment for Nigerians and enhancement of indigenous capacity in the maritime industry, which will help grow the Nigerian economy.

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