- The House of Representatives has approved the disbursement of $700 million to ship owners
- The fund is the cabotage fund meant to boost employment opportunities in the maritime industry
- The fund will also help the indigenous shipowners to acquire new ships
The House Representatives have approved the disbursement of the $700 million Cabotage vessel fund.
The Coastal and Inland Shipping (Cabotage) Act of 2003 established the fund to boost the development and growth of indigenous ship purchase capacity by providing financial assistance to Nigerian operators in the domestic shipping business.
