The new development was revealed by the Director of Press and Public Relations in the ministry of transportation, Henshaw Ogubike after stakeholders of the ministry concluded a meeting with representatives and Heads of the five Primary Lending Institutions which include Polaris Bank, UBA, Union Bank, Zenith Bank, Jaiz Bank, and the stakeholders in the shipping industry – the Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, the MD Shipping, Nigerian National Petroleum Company Limited, NNPCL among others.
The disbursement of the CVFF was earlier approved by the President in 2019, but the process has lingered on for about two years now.
The CVFF was established under the Cabotage and Inland Shipping (Cabotage) Act 2003 to help operators in the industry get finance to maintain their vessels or purchase new ones.
