Lagos, May 13, 2025 -The Cabotage Vessel Financing Fund (CVFF) by the Nigerian Maritime Administration and Safety Agency (NIMASA) will attract a single-digit interest rate.
Dr. Dayo Mobereola, the Director General of NIMASA, disclosed this on Monday at a one-day interactive forum organized for stakeholders on the operationalization of the CVFF.
He also disclosed a two-year moratorium and an eight-year tenure for the facility
Mobereola said NIMASA was very close to disbursement Fund, adding that the Fund would be disbursed through twelve 12 primary lending institutions.
He said some other issues being addressed by NIMASA in collaboration with the primary lending institutions included insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
The NIMASA boss emphasized the importance of the CVFF to the development of the Nigerian maritime sector, while acknowledging the role of President Bola Ahmed Tinubu, GCFR, through the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, in ensuring the immediate disbursement of the funds.
“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, HE Adegboyega Oyetola, we have secured the necessary approvals for disbursement. T
“his disbursement will be transformative for our industry by empowering indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers, and strengthen ancillary maritime services,” he said.
Mobereola emphasized the need for transparency in the entire process.
“To ensure transparency and accountability, we established a dedicated Secretariat Cabotage Unit, developed clear eligibility criteria, and partnered with 12 Primary Lending Institutions to facilitate access to the fund,” he said.
Aminu Umar, the President of the Nigerian Chamber of Shipping, and other industry stakeholders commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Management of NIMASA for their efforts in facilitating the disbursement of the funds.
Temisan Omatseye, a former Director General of NIMASA, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Minister of Marine and Blue Economy. (GBN)
