Abubakar Siddiq Ibn Usman
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that the long-awaited Cabotage Vessel Financing Fund (CVFF) will be disbursed at a single-digit interest rate, marking a significant milestone in the country’s maritime development efforts.
Speaking at a one-day stakeholder forum on the operationalisation of the CVFF, NIMASA Director General, Dr. Dayo Mobereola, disclosed that the facility will feature a two-year moratorium and an eight-year repayment tenure. The fund will be disbursed through 12 approved Primary Lending Institutions (PLIs).
According to Mobereola, key issues such as insurance, fund security, flexible loan tenures, and reduced administrative fees are being addressed in collaboration with the PLIs to ensure a smooth and accessible disbursement process.
“I am delighted to announce that under President Bola Ahmed Tinubu’s leadership and with the support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have secured the necessary approvals for disbursement,” Mobereola said.
“This will empower indigenous shipowners, create jobs for Nigerian seafarers, and boost local content in the maritime industry.”
He also stressed the importance of transparency and accountability, noting that a dedicated Secretariat Cabotage Unit has been set up, along with clear eligibility criteria and strategic partnerships with the PLIs.
Industry stakeholders, including the President of the Nigerian Chamber of Shipping, Aminu Umar, and former NIMASA DG Temisan Omatseye, praised the Minister and NIMASA’s management for their commitment to the fund’s implementation.
The CVFF is expected to significantly enhance indigenous participation in the shipping industry and strengthen Nigeria’s maritime economy.
Agency News
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