FG to link rail lines to the seaports for effective and efficient haulage of cargoes

…Disburses Cabotage Vessel Financing Fund

The Federal Government is to link rail lines to the seaports for effective and efficient haulage of cargoes as part of the railway modernization policy.

The Minister of Transport Engr Muazu Sambo, disclosed this weekend during a visit to Area office of National Inland Waterways Authority NIWA, in Port Harcourt, Rivers State.

The minister further disclosed that in a bid to empower indigenous ship owners and shipping operations, the Federal Government has concluded plans to disburse the Cabotage Vessel Financing Fund, CVFF.

The move according to the Minister is also to enable local operators compete soon favourably with their international counterparts.

Sambo who described the CVFF as a low hanging fruit, also said it would support  maritime activities which is the gateway   to the nation’s economy, adding that “if we get our acts right, the maritime industry can replace the revenue from the oil”.

The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity in Nigeria to enable them maintain existing vessels or purchase new ones.

Similarly, Sambo speaking at BUA  Ports and Terminal Limited, also in Port Harcourt expressed delight at the progress of work, saying: “We are making good progress, bringing this place to a world standard,”  but urged the operators to ensure completion by 2025.