Precious Obogo
The Nigerian Maritime Administration and Safety Agency (NIMASA) has informed that the Cabotage Vessel Financing Fund (CVFF) will attract a single-digit interest rate.
The Director General (DG) of the Agency, Dr. Dayo Mobereola, dropped the information at a one-day interactive forum organized for stakeholders on the operationalization of the CVFF.
Dr. Mobereola disclosed that the facility will have a two-year moratorium and an eight-year tenure, and will be disbursed through 12 Primary Lending Institutions.
He emphasized the importance of the CVFF to the development of the Nigerian maritime sector and acknowledged the role of President Bola Ahmed Tinubu and the Minister of Marine and Blue Economy, Adegboyega Oyetola, in ensuring the immediate disbursement of the funds.
Mobereola emphasized the need for transparency and accountability in the entire process, stating that NIMASA has established a dedicated Secretariat Cabotage Unit, developed clear eligibility criteria, and partnered with 12 Primary Lending Institutions to facilitate access to the fund.
Industry stakeholders, including the President of the Nigerian Chamber of Shipping, Aminu Umar, and former Director General of NIMASA, Temisan Omatseye, commended the Minister of Marine and Blue Economy and the Management of NIMASA for their efforts in facilitating the disbursement of the funds.