Recall that the CVFF is a two per cent contribution by indigenous ship-owners for every contract ship-owners execute and is meant for the development of cabotage fleet and local shipping capacity.
'The CVFF is created for the benefit of indigenous shipowners and the fact that it has not been disbursed means something needs to be finetuned.
"When this comes on stream the CVFF
will be so small compared to what the maritime bank will be able to achieve.
is basically to allow Nigerian players to become more active in the maritime sector.
It is the presence of the switching functions in Eqs 4 and 5 that distinguishes the reactive forcefield used in our model from the CVFF
forcefield, which is included with Discover 95.
It is important that people understands that the disbursement of the CVFF
does not lie with NIMASA.
Peterside, while delivering a lecture on 'Effective Policy Implementation: A Panacea for Sustainable Participation and Growth of Nigerian Maritime Sector' revealed that the agency will begin the disbursement of the CVFF
in the first quarter of 2019.
Speaking further he said the Federal Ministry of Transportation understands Stakeholders' yearnings for the urgent review on the guidelines of the disbursement of the Cabotage Vessel Financing Funds (CVFF
), and called for an immediate meeting in his office to find a lasting solution to it.
THE Nigerian Maritime Administration and Safety Agency (NIMASA) on Wednesday said the Cabotage Vessel Finance Fund (CVFF
), a two per cent contribution by indigenous ship-owners on every contract done in the nations maritime sector, is now $124m Dollars (N37.9bn).
Speaking recently during the launching of a book titled 'Beacons of Nigeria's Maritime Industry' in Lagos, the Honorable Minister of Transportation explained that the Cabotage Vessel Finance Fund (CVFF
) is available for access, but the necessary requirements must be met.
Another issue that dragged all through 2017 was the disbursement of the Cabotage Vessel Financing Fund (CVFF
) to indigenous ship owners.