The Federal Government, said it is set to disburse the Cabottage Vessel Financing Fund to enable indigenous shipping operators to compete favourably with their international counterparts.
Minister of Transportation, Mu-azu Jaji Sambo, disclosed this at the weekend during a visit to the National Inland Waterways Authority, Area Office in Port Harcourt, Rivers State.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them maintain existing vessels or purchase new ones. The Minister said “it would support maritime activities which is the gateway to the nation’s economy, adding that “if we get our acts right, the maritime industry can replace the revenue from the oil.”
While answering questions from reporters at the BUA Ports and Terminal Limited, situated at the Rivers Port, the Minister expressed delight at the progress of work, saying: “we are making good progress, bringing this place to a world standard,” while urging operators to ensure its completion by 2025.
Furthermore, the Minister assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
Director, Nigerian Ports Authority, Mohammed Bello-Koko, Managing Director, Nigerian Railway Corporation, Fidet Okhiria and the Registrar, Council for Regulation of Freight Forwarding, in Nigeria, Sam Nwakohu among others were on ground to receive the Minister.
SUN NEWS
