Nigerian Government Fails to Release $700m Cabotage Fund, Industry Stakeholders Frustrated

The Nigerian government has failed to release the $700 million cabotage vessel financing fund (CVFF) for nine months, despite promises and deadlines. This delay has led to frustration among industry stakeholders, hindering the development of the country's maritime industry.

Experts argue that the government's diversion of the fund to the Treasury Single Account (TSA) violates the cabotage law enacted in 2003. As a result, Nigeria's indigenous fleet has significantly declined, with foreign carriers handling the majority of the country's cargo, leading to substantial revenue losses and unemployment among Nigerian seafarers.