By Steve Agbota
The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that the $700 million Cabotage Vessel Financing Fund (CVFF), set to be disbursed by the Federal Ministry of Marine and Blue Economy, will attract a single-digit interest rate.
Dr. Dayo Mobereola, NIMASA’s Director General, made the announcement on Monday during a one-day interactive forum for stakeholders on the operationalisation of the CVFF. He further revealed that the facility will offer a two-year moratorium and an eight-year repayment period, with the disbursement being carried out through 12 Primary Lending Institutions.
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, 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 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.”
Mobereola also emphasised 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.”
In his remarks, the President, Nigerian Chamber of Shipping, Aminu Umar and other industry stakeholders commended the Oyetola and the management of NIMASA for their efforts in facilitating the disbursement of the funds.
Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realisation of the CVFF, also joined others in commending the NIMASA management and Oyetola.
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