The Federal Government, through the Nigerian Maritime Administration and Safety Agency, NIMASA, has said it is targeting the acquisition of about 28 vessels, with a total of $700 million, through the Cabotage Vessel Financing Fund, CVFF.

Speaking at the Maiden annual lecture of the Institute of Maritime Studies at the University of Lagos, Minister of State for Transport, Ademola Adegoroye, said that the government will do everything possible to make it easier for ship owners to acquire more ships, with a view to growing the Blue Economy initiative.

Adegoroye also said that the ministry is working hard to ensure that the CVFF is disbursed before the end of the current administration.