The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF) will attract a single-digit interest rate, with a two-year moratorium and an eight-year repayment tenure.
NIMASA Director General, Dr. Dayo Mobereola, made this announcement during a one-day stakeholder interactive forum on the operationalization of the fund.
He noted that the disbursement—expected to be handled through 12 Primary Lending Institutions (PLIs)—is in its final stages.
“We are very close to disbursement,” Mobereola stated, adding that several supportive measures are in place, including reduced fees, flexible loan tenures, and insurance and fund security structures to ease access to the fund.
He commended the leadership of President Bola Ahmed Tinubu and the commitment of the Minister of Marine and Blue Economy, Adegboyega Oyetola, for prioritizing the release of the funds.
“This disbursement will be transformative for our industry by empowering indigenous shipowners, boosting local content, creating seafaring jobs, and enhancing ancillary services,” Mobereola said.
To promote transparency and accountability, NIMASA has established a dedicated Cabotage Unit Secretariat, set eligibility criteria, and partnered with the PLIs to streamline access.
The announcement drew praise from industry stakeholders. The President of the Nigerian Chamber of Shipping, Aminu Umar, alongside former NIMASA Director General, Temisan Omatseye—who once expressed doubts over the fund’s disbursement—commended the Minister and NIMASA for delivering on the long-delayed initiative.
The CVFF is aimed at supporting indigenous shipowners in acquiring maritime vessels to deepen Nigeria’s cabotage regime and strengthen the marine and blue economy.
