The Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to start disbursing the Cabotage Vessel Financing Fund (CVFF). This fund, established in 2003, aims to support Nigerian shipping companies in acquiring vessels.
Key Highlights of the CVFF Disbursement:
- Funding Amount: Eligible Nigerian shipping companies can access up to $25 million each for vessel acquisition.
- Objective: Enhance the capacity of indigenous operators, reduce reliance on foreign vessels, and strengthen the local maritime industry.
- Benefits:
- Job Creation: Investing in Nigerian shipping companies can lead to job creation across the maritime value chain.
- Local Content: Strengthening local content can spur economic development and reduce capital flight.
- Maritime Sovereignty: Building a strong indigenous fleet can enhance Nigeria’s maritime sovereignty and competitiveness.
- Global Competitiveness: The initiative aims to make Nigerian shipping companies globally competitive.
Implementation:
- NIMASA has issued a Marine Notice inviting applications through approved Primary Lending Institutions (PLIs).
- The fund’s disbursement is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, focusing on empowering Nigerian maritime operators and fostering sustainable economic development ¹.
