The Nigerian government is set to release $350 million from the Cabotage Vessel Financing Fund (CVFF) to support local shipping operators and enhance
The Nigerian government is set to release $350 million from the Cabotage Vessel Financing Fund (CVFF) to support local shipping operators and enhance maritime industry growth. Minister of Marine and Blue Economy, Adegboyega Oyetola, highlighted that this initiative aligns with efforts to modernize seaports, boost indigenous shipping capacity, and create thousands of jobs.
To strengthen trade facilitation, the government is expanding inland dry ports in various states, improving port infrastructure, and implementing digital systems such as the National Single Window (NSW) to streamline trade processes. Additionally, the administration is promoting private sector involvement in port modernization, inland waterways development, and coastal tourism.
Sustainably
A significant aspect of this initiative is Nigeria’s commitment to the blue economy, which encompasses shipping, shipbuilding, fisheries, marine biotechnology, and renewable energy. With strategic partnerships and policy frameworks in place, the country aims to position itself as a leading maritime hub in West Africa.
“The vision is for the ministry to ensure that the country’s marine resources are harnessed sustainably to position Nigeria as a premier maritime nation. To lay a solid foundation for the vision, the ministry has taken deliberate steps to strengthen the regulatory, legal, institutional, and policy frameworks for the management and development of the sector. We have painstakingly devoted attention to the crafting of a sound policy framework to govern and direct the sector. We have ensured that both the process and outcomes are given diligent attention. Our approach has been to guarantee a comprehensive and holistic national policy for the sector,” said Oyetola.