In solidifying Nigeria’s ambition to claim its spot in the global maritime industry, President Bola Tinubu’s administration and Ministry of Marine and Blue Economy has taken proactive steps in directing the Nigerian Maritime Administration and safety Agency (NIMASA) to initiate the process leading to the disbursement of the Cabotage Vessel Financing Fund (CVFF) under the Coastal and Inland Shipping (Cabotage) Act of 2003.
The CVFF was founded for more than 20 years.
It was geared towards providing Nigerian shipping Companies with accessible financing for vessel acquisition.
For over 20 years, successive administration left the Cabotage vessel financing fund unrealized, a promise that remained dormant until now.
Furthermore,Minister of Marine and Blue Economy, Adegboyega Oyetola noted, the disbursement of the CVFF is expected to bring significant benefits to fostering a robust shipping fleet and create jobs.
In line with the Minister’s directive, NIMASA has announced a marine notice, calling on eligible Nigerian shipping Companies to apply.
