Sunday, June 1, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Top News

FG to Disburse $350m Cabottage fund

EconomyFoot Print by EconomyFoot Print
September 3, 2022
in Top News, Transport & Blue Economy
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

The Federal Government has said the $250 million that has accrued in the Cabottage Vessel Financing Fund will soon be disbursed.The  CVF Fund is to be disbursed to 

indigenous shipping operators to enable them upscale capacity.

Related posts

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

May 31, 2025
Northwest Is Safer Since Commencement of Operation Fansan Yamma

Northwest Is Safer Since Commencement of Operation Fansan Yamma

May 30, 2025

Minister of Transportation, Mu-azu Jaji Sambo disclosed this on when he visited the National Inland Waterways Authority, Area Office in Port Harcourt, Rivers State.           Our correspondent reports that the Cabotage fund hasn’t been disbursed since President Muhammadu Buhari came to power due to lack of capacity by indigenous shipping companies to leverage the fund for what it’s really meant for. Previously the fund was leveraged the funds to things it is not meant to fund hence the FG’S decision to until when local shipping firms developed capacity to use the funds.

CVFF is backed by the provisions of Section 42(1)-(2) of the Cabotage Act 2003, which aims to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.

The minister described the CVFF as a low hanging fruit.

He said the fund “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” .                   

Speaking on 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,”  but urged the operators to ensure completion by 2025.         

Furthermore, the Minister assured that as part of the railway modernization policy, rail lines would be linked to the  seaports for effective and efficient haulage of cargoes. 

Previous Post

FG to review all ports concessions – Minister

Next Post

Transport minister commissions’ NIWA patrol boats

Next Post

Transport minister commissions' NIWA patrol boats

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

MNJTF  Troops Neutralize Terrorists, Recovers Assets In Borno

6 months ago

Women’s Day: Tony Elumelu Inspires Women, Says He’s a Product of Strong Female Force

1 year ago

Troops Cripple Boko Haram Logistics, Arrests Terrorists Courier

7 months ago

Ministry of Transport partners Nigerian Customs on Overtime Cargoes 

2 years ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • Terrorist Kingpin Abu Fatima Eliminated  In Borno
  • OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum
  • Northwest Is Safer Since Commencement of Operation Fansan Yamma

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

Terrorist Kingpin Abu Fatima Eliminated  In Borno

May 31, 2025
OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

May 31, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion