Maritime experts have said that Nigeria is losing a sum of $9.2bn annually to foreign shipping lines that are handling cargo that a national fleet is supposed to handle.
Nigeria: Govt Yet to Disburse N420bn Cabotage Fund 10 Months After Directive allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
There seems not to be an end to the delay in the disbursement of the over $350 million (about, N420 billion) Cabotage Vessel Financing Fund (CVFF) months after the federal government appointed five banks as primary lending institutions. The government had in December 2022 appointed five commercial banks for the quick and easy disbursement of…
The Federal Government has expressed hope that with continuous progress and better projections in the Nigerian Seafarers’ Development Programme (NSDP), Nigeria will soon be among the major players in global seafaring business that earn over $6billion in forex inflow.
The Minister of Transportation, Rotimi Amaechi, has said the removal of wrecks worth billions of naira from the country’s waterways would attract more investment opportunities to the maritime sector.