The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that the Cabotage Vessel Financing Fund (CVFF) will be disbursed with a single-digit interest rate, a two-year moratorium, and an eight-year tenure. The agency’s Director General, Dr. Dayo Mobereola, made the announcement at a one-day interactive forum with stakeholders.
Key Highlights:
Single-Digit Interest Rate*: The CVFF will attract a single-digit interest rate, making it more accessible to indigenous shipowners.
Moratorium and Tenure*: A two-year moratorium and an eight-year tenure will give beneficiaries ample time to repay the loan.
Collaboration with PLIs*: NIMASA is working with 12 Primary Lending Institutions to facilitate access to the fund.
Quotes:
Dr. Dayo Mobereola*: “This 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.”
Stakeholder Endorsement*: Industry stakeholders, including the President of the Nigerian Chamber of Shipping, Aminu Umar, have 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.
Implications:
The disbursement of the CVFF is expected to boost the Nigerian maritime sector, increase local content, and create employment opportunities for Nigerian seafarers .
