The Nigerian Maritime Administration and Safety Agency (NIMASA) on Monday, said that the Cabotage Vessels Financing Fund (CVFF), would be disbursed to indigenous Shipowners at single-digit interest rate.
This was disclosed by the director general of NIMASA, Dr Dayo Mobereola, at a one day stakeholders’ forum on the operationalisation of CVFF, held in Lagos, on Monday.
According to Mobereola, the CVFF is not a grant, but a strategic investment in Nigeria’s maritime future, thereby urging all prospective applicants to follow the established procedures through partner financial institutions.
“The primary objective of bringing you together today is to formally announce and discuss the imminent disbursement of the CVFF, and to demonstrate the established clear frameworks for transparent, efficient, and impactful fund utilisation that will empower indigenous shipowners.
“I urge all prospective applicants to follow the established procedures through our partner financial institutions. The CVFF is not a grant program but a strategic investment in Nigeria’s maritime future. It is a loan with single digit interest. We will monitor fund utilisation to ensure they achieve the intended objectives.”
