By Lucy Ogalue, Abuja.
The Federal Government is set to disburse the Cabottage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity.
It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones.
The Minister of Transportation, Malam Muazu Sambo, disclosed the planned disbursement of the fund when he visited the National Inland Waterways Authority (NIWA) Area Office in Port Harcourt on Friday.
A statement by the ministry in Abuja on Saturday said that the minister described the CVFF as a low-hanging fruit that would support maritime economy, and could replace oil revenues, if properly handled.
While inspecting work at the BUA Ports and Terminal Ltd., situated at the Port Harcourt Port, the minister expressed delight at the progress of work and urged the operators to ensure its completion by 2025.
Sambo assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.