Nigeria: Maritime Operators will Receive $700 million for Vessel Acquisition.

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The Federal Government has said operators in the maritime sector may get about $700m to acquire new vessels. At least $700m has been earmarked for the Cabotage Vessel Financing Fund. Jamoh also added that the government was looking at each ship owner getting at least $25m from the fund.

“And we expect that each owner will get not more than $25m,” he said According to the agency boss, the number of jobs that will be created by the time the entire acquisition cannot be over-emphasized. Also speaking, the Minister of State for Transport, Mr Ademola Adegoroye, said that the government would do everything possible to make it easier for shipowners to acquire more ships to grow the blue economy initiative.


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