Nigerian Chamber of Shipping Caution Federal Government Over Delay in Disbursing $700 Million Cabotage Vessel Financing Fund+30
The Nigerian Chamber of Shipping (NCS) has expressed concerns over the delay in disbursing the $700 million Cabotage Vessel Financing Fund (CVFF). The President of the Chamber, Mr Aminu Umar, has called on the next Minister of Transportation to continue the implementation process from where the previous administration left off. The CVFF, established in 2003, aims to develop the indigenous ship acquisition capacity and provide financial assistance to Nigerian coastal shipping operators. The NCS is urging the government to avoid reinventing the wheel and ensure that the fund benefits the intended beneficiaries.