CABOTAGE VESSEL FINANCING FUND (CVFF)

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Create Date September 18, 2023
Last Updated September 18, 2023

1.0 INTRODUCTION

Transportation of people and goods within the same country is known as cabotage and was originally applied to coastal transportation but it has since evolved to include aviation, road, and railways. The objective of this form of transportation is the protection of the domestic shipping industry by the preservation of locally owned shipping infrastructures and businesses.

Water transport is still very much important globally and in Nigeria. To preserve the sector, initiatives were developed to encourage participation in the maritime sector, one of such initiative is the Cabotage Vessel Financing Fund (CVFF of the Fund).

The CVFF is an intervention fund created by the Federal Government of Nigeria (FGN) for the development of indigenous shipping capacity, by providing funds for vessel maintenance and acquisitions among indigenous operators. Also, to ensure that the maritime sector could compete globally. To achieve these objectives certain measures needed to be put in place including adequate funding, monitoring, and adequate & efficient administration.