Minister of Marine and Blue Economy, Adegboyega Oyetola, yesterday, in Lagos revealed that Nigerian Maritime Administration and Safety Agency (NIMASA), in partnership with stakeholders in the maritime sector, had finalised arrangements for the disbursement of the $350 million (N525 billion) Cabotage Vessel Financing Fund (CVFF).
Oyetola said the port rehabilitation projects by Nigerian Ports Authority (NPA), were expected to generate over 20,000 jobs.
He said seaports modernisation was a top priority of the Tinubu administration.
The minister added that the government was extending necessary support to private investors to encourage participation in greenfield port projects, like Badagry, Ilaje, Olokola, Agge, Ibaka, Burutu, Snake Island, and Bakassi deep sea ports, as well as the development of river ports and jetties across the country.
Oyetola made the assertions at an interactive session with editors of print media organisations in Lagos. He explained that the disbursement of CVFF would assist indigenous shipping operators in acquiring new vessels and enhancing capacity.
