By Our Correspondent
Lagos, May 17, ’25 (TNZ) The Nigerian Maritime Administration and Safety Agency (NIMASA) has selected 12 Primary Lending Institutions (PLIs) to disburse the Cabotage Vessels Financing Fund (CVFF) at a single-digit interest rate.
TheNewsZenith reports that Dr Dayo Mobereola, the Director-General of NIMASA, announced this during a virtual meeting in Lagos.
Mobereola said the move was to transform the maritime sector.
He noted that with the support of the Federal Government, the agency has secured approvals for the fund’s operationalisation.
TheNewsZenith gathered that the PLIs are the designated banking institutions for the disbursement.
NIMASA boss underscored the transformative potential of the initiative.
He said it would empower indigenous shipowners to compete effectively within the maritime industry.
It will also boost local content significantly.
He noted that the CVFF is a loan facility with a single-digit interest rate, adding that the utilisation of which would be closely monitored.
According to him, its monitoring will ensure it achieves its intended objectives of fostering growth and capacity development among Nigerian operators.
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“This demonstrates the establishment of clear frameworks for transparent, efficient, and impactful fund utilisation, directly empowering our indigenous shipowners,” Mobereola said.
According to Mobereola, the government established CVFF under the Coastal and Inland Shipping Act of 2003.
The Act provides vital financial support for vessel acquisition and overall capacity building for Nigerian maritime businesses.
“Despite nearly two decades of regulatory hurdles and past challenges, we are now at a significant transition,” he added.
The director-general pointed out that the CVFF disbursement would generate employment opportunities for Nigerian seafarers. It will equally strengthen ancillary maritime services.
Mobereola urged all prospective applicants to adhere to the established procedures through the designated financial institutions.
He reiterated that the CVFF is a strategic investment in the maritime future, and not a grant programme.
Mr Jubril Abba, the Executive Director of Cabotage Services at NIMASA, remarked that the agency designed the programme to invigorate maritime activities.
Abba commended the federal government for the decisive action to ensure the disbursement to indigenous maritime operators. (TNZ)
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