… As Mobereola says, “We are very close to disbursement”
The Cabotage Vessel Financing Fund (CVFF), to be disbursed by the Federal Ministry of Marine and Blue Economy through the Nigerian Maritime Administration and Safety Agency (NIMASA), shall attract a single-digit interest rate.
The Agency’s Director General, Dr. Dayo Mobereola, who announced this Monday at a one-day interactive forum organised for stakeholders on the operationalisation of the CVFF, also disclosed a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through 12 Primary Lending Institutions (PLI).
Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidised rates.
*R-L: Director Cabotage Services, Nigerian Maritime Administration and safety Agency, NIMASA, Kabir Murnai; Executive, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba; Director General, NIMASA, Dr Dayo Mobereola; Chairman/CEO Sea Transport Services Limited, Aminu Umar; Vice President, Nigerian Chamber of Shipping, Ify Akerele; Executive Director Operations, NIMASA, Engr Fatai Taiye Adeyemi and SA-DG (Administration and Operations), NIMASA, Olatunji Ahmed during a Stakeholders Interactive Forum on the Operationalization of the Cabotage Vessel Financing Fund (CVFF) in Lagos.
Dr. Mobereola emphasised the CVFF’s importance to the development of the Nigerian maritime sector while acknowledging President Bola Ahmed Tinubu, GCFR, through the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, in ensuring the immediate disbursement of the funds.
In his words: “I am delighted to announce that under President Bola Ahmed Tinubu’s leadership, and with the support of the Honourable Minister of Marine and Blue Economy, HE Adegboyega Oyetola, we have secured the necessary approvals for disbursement.
Dr. Dayo Mobereola
“This disbursement will be transformative for our industry by empowering indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers, and strengthen ancillary maritime services.”
*Director Cabotage Services, Nigerian Maritime Administration and safety Agency, NIMASA, Kabiru Murnai (left); Executive, Maritime Labour and Cabotage Services, NIMASA, Jibril Abba (2nd left); Director General, NIMASA, Dr Dayo Mobereola (3rd left); Former Director General, NIMASA, Temisan Omatseye (3rd right); Executive Director Operations, NIMASA, Engr Fatai Taiye Adeyemi (2nd right) and Director, Administration and Human Resources, NIMASA, Isichei Osamgbi (right) and a stakeholder during a Stakeholders Interactive Forum on the Operationalization of the Cabotage Vessel Financing Fund (CVFF) in Lagos.
Mobereola also emphasised the need for transparency in the entire process. “To ensure transparency and accountability, we established a dedicated Secretariat Cabotage Unit, developed clear eligibility criteria, and partnered with 12 Primary Lending Institutions to facilitate access to the fund.”
In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, and other industry stakeholders commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the NIMASA Management for their efforts in facilitating the disbursement of the funds. Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realisation of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.
