Four banks have been listed to participate in the disbursement of the 40-million dollars Cabotage Vessel Financing Fund (CVFF).

The Minister of Transport, Alhaji Ibrahim Bio, promised to be transparent in the disbursement of the 40-million dollars Cabotage Vessel Financing Fund (CVFF). He did not give the names of the banks.

Bio, stated this in Abuja during a courtesy visit by the Executives of Maritime Reporters' Association of Nigeria (MARAN).

According to him, Nigerian Maritime Administration and Safety Agency would be responsible for 50 per cent of the loans, the banks 35 per cent while the shipping company would be responsible for 15 per cent.

According to him, the government will recoup the loans unlike the previous exercise where beneficiaries used the monies for something else.

It would be recalled that many prominent Nigerians who benefited from the defunct Ship Building Ship Acquisition Fund did not repay back their loans and neither did they acquire any ship, as they saw the loans as their share of the national cake.

Bio also directed that the Nigerian Ports Authority (NPA) should immediately produce a port development plan to expand the nation's ports.

According to the minister, any organisation without a developmental plan will continue to drift and there would be no measure of improvement.

"Let the NPA have a 25 to 30- year port development plan. NPA has the capacity and the resources if they only plan," he said.

Bio explained that Nigeria controlled 70 per cent of maritime trade in Central and West African sub-regions and so much is expected as both an international and regional maritime player.

He expressed concern that both Apapa and Tin-Can Island port had been choked up, adding that there had been growth in the nation's cargo throughput but no corresponding growth in expansion of the ports.