CVFF: Disbursement will attract Single Digit Interest Rate - NIMASA

PRESS RELEASE

The Cabotage Vessel Financing Fund (CVFF) to be disbursed by the Federal Ministry of Marine and Blue Economy through the Nigerian Maritime Administration and Safety Agency (NIMASA), shall attract a Single-Digit Interest Rate.

NIMASA's Head, Public Relations, Osagie Edward in a Statement issued on the development, says the Agency’s Director General, Dayo Mobereola, at a One-Day Interactive Forum organised for Stakeholders on the Operationalisation of the CVFF, 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 Subsidised Rates.

Mobereola emphasised the importance of the CVFF to the Development of the Nigerian Maritime Sector, while acknowledging the Role of President Bola Tinubu through the 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 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 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, 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 the Minister of Marine and Blue Economy.

Credit NIMASA PR