The Federal Government has directed the Nigerian Maritime Administration and Safety Agency, NIMASA, to commence disbursement of the long-delayed Cabotage Vessel Financing Fund.
The directive, issued by the Minister of Marine and Blue Economy, Adegboyega Oyetola, marks a major step forward after more than 20 years of administrative delays. The fund is aimed at empowering indigenous shipping firms to acquire vessels through structured financing.
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Established under the Cabotage Act of 2003, the CVFF offers up to $25 million per eligible company at competitive interest rates. NIMASA has issued a Marine Notice inviting qualified Nigerian operators to apply, with disbursements to be managed through approved lending institutions.
Officials say the move will boost vessel ownership, create jobs, stimulate local shipbuilding, and curb the outflow of capital through foreign vessel charters.
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