- Director Cabotage Services, Nigerian Maritime Administration and Safety Agency, KabiruMurnai (left), Executive Director, Maritime Labour and Cabotage Services, Jibril Abba, Director-General, Dr. Dayo Mobereola, Vice President, Nigerian Chamber of Shipping, Ify Akerele, and former Directo-General, NIMASA, Temisan Omatseye during a stakeholders interactive forum on the operationalisation of the Cabotage Vessel Financing Fund in Lagos
By Anthony Nwachukwu
As Nigerian ship owners and interested stakeholders count down to the promised commencement of disbursement of the Cabotage Vessel Financing Fund (CVFF), the Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that it shall attract a single-digit interest rate.
NIMASA Director-General, Dr. Dayo Mobereola, who disclosed this at an interactive forum organised for stakeholders on the CVFF operationalisation, said the package includes a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through twelve Primary Lending Institutions (PLIs).
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 subsidised rates, he added.
Mobereola emphasised that the CVFF is important to the development of the Nigerian maritime sector, while acknowledging the role of the Minister of Marine and Blue Economy, Adegboyega Oyetola, in ensuring its immediate disbursement.
“With the support of the Minister of Marine and Blue Economy, Adegboyega Oyetola, we have secured the necessary approvals for disbursement,” he stated.
“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.”
He further disclosed that for transparency and accountability in the entire process, the agency has established a dedicated Secretariat Cabotage Unit, developed clear eligibility criteria, and partnered 12 PLIs to facilitate access to the fund.
Meanwhile, President of the Nigerian Chamber of Shipping, Aminu Umar, and a former Director-General of NIMASA, Dr. Temisan Omatseye, among other stakeholders, have commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the NIMASA management for their efforts so far in facilitating the disbursement of the funds.
