The Federal Government is moving to unlock the Cabotage Vessel Financing Fund (CVFF) as the Minister of Transportation, Oyetola, has directed faster loan appraisals. Oyetola said the move to operationalise the CVFF marks a major milestone in the Federal Government's efforts to strengthen indigenous participation in coastal and offshore shipping. The directive aims to expedite the disbursement of funds to qualified Nigerian shipowners. This initiative is expected to boost local shipping capacity and reduce dependence on foreign vessels.
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