By Ajibola Adedoye
There shall be a single-digit interest rate attached to the Cabotage Vessel Financing Fund (CVFF) which is to be disbursed immediately by the Federal Ministry of Marine and Blue Economy through the Nigerian Maritime Administration and Safety Agency (NIMASA).
The Agency’s Director General, Dr. Dayo Mobereola, who made this known at a one-day interactive forum organized for stakeholders on the operationalization of the policy also disclosed a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through twelve (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.
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Dr. Mobereola while emphasizing the importance of the CVFF to the development of the Nigerian maritime sector, acknowledged the role of President Bola Ahmed Tinubu, through the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, in ensuring the immediate disbursement of the funds.
In his words: “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. 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 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.”
In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, 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. Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.
The Cabotage Vessel Financing Fund (CVFF), a cornerstone of this policy, was established to provide financial support for the acquisition and development of ships by indigenous ship owners. Its primary aim was to enhance the competitiveness of local players in the maritime industry.
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