Bayo Akomolafe 
Nigerian Maritime Administration and Safety Agency (NIMASA) has said that Cabotage Vessel Financing Fund (CVFF) would be disbursed through 12 Primary Lending Institutions (PLIs).
Also, it noted that the fund would be disbursed by the Federal Ministry of Marine and Blue Economy, saying it shall attract a single-digit interest rate.
The agency’s Head, Public Relations, Osagie Edward said in a statement that the Director General of NIMASA, Dayo Mobereola dropped the hint on Monday at a one-day interactive forum organised for stakeholders on the operationalisation of the CVFF, disclosing a two-year moratorium and an eight-year tenure for the facility,
Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
Mobereola emphasised 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 Minister of Marine and Blue Economy, Adegboyega Oyetola, in ensuring the immediate disbursement of the funds.
He said: “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. 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.
“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.”
In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar and other industry stakeholders commended Oyetola, and the management of NIMASA for their efforts in facilitating the disbursement of the funds.
Also, former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realisation of the CVFF, joined others in commending the NIMASA management and the minister.
