The Federal Authorities has launched the applying course of for the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF), enabling eligible Nigerian transport companies to entry as much as $25 million every in structured loans for vessel acquisition.
Minister of Marine and Blue Financial system, Mr. Adegboyega Oyetola, directed the Nigerian Maritime Administration and Security Company (NIMASA) to start the disbursement. This was introduced on Tuesday in Abuja by the Minister’s Media and Communications Adviser, Dr. Bolaji Akinola, in keeping with the Information Company of Nigeria (NAN).
The CVFF, established beneath the Cabotage Act of 2003, was designed to spice up indigenous transport by means of long-term financing however had been delayed for over twenty years. Oyetola stated the activation displays a strategic push to strengthen Nigeria’s maritime sector.
Following the directive, NIMASA has issued a Marine Discover inviting certified transport firms to use. Every authorized agency can entry as much as $25 million at aggressive charges, with disbursement managed by chosen Main Lending Establishments (PLIs).
“Mr Adegboyega Oyetola, Minister of Marine and Blue Financial system, has directed the Nigerian Maritime Administration and Security Company (NIMASA) to start the method for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
“Oyetola stated that the directive marked a big shift from over twenty years of administrative stagnation and ushered in a brand new period of strategic repositioning of Nigeria’s indigenous transport,” the NAN report learn partly.
It added, “Oyetola stated that NIMASA, in alignment with the ministry’s directive, had already issued a Marine Discover inviting eligible Nigerian transport firms to use.
“In line with him, certified candidates can entry as much as $25 million every at aggressive rates of interest to accumulate vessels that meet worldwide security and efficiency requirements.”
Minister Oyetola highlighted the long-awaited rollout of the CVFF, emphasizing that, after over 20 years of dormancy, the fund is now being activated with a deliberate, clear, and strategic strategy.
He famous that beneath the Tinubu administration, decisive actions have been taken to reposition the maritime sector, with the activation of the CVFF serving as a key intervention. Oyetola described the initiative as a essential milestone, signaling the federal government’s robust dedication to enhancing native content material and reinforcing Nigeria’s maritime sovereignty.
Oyetola highlighted that the fund is anticipated to ship wide-ranging advantages, together with the enlargement of Nigeria’s indigenous transport fleet and the creation of jobs.
“This isn’t nearly financing vessels—it’s about investing in the way forward for our maritime trade,” the minister stated.
“With correct execution, the CVFF will set the trade on a path to long-term progress, enhanced logistics effectivity, and stronger world competitiveness.”
