The Federal Government has initiated steps to release the Cabotage Vessel Financing Fund (CVFF) to Nigerian shipowners after over two decades of delays. Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate with 12 approved Primary Lending Institutions to expedite the processing and disbursement of funds to qualified beneficiaries. Currently, 92 applications have been received under the CVFF framework, with 20 already forwarded to lenders and one reviewed for approval. The fund is expected to create 30,000 jobs, according to Oyetola.
Related Articles
Don't miss out on breaking stories and in-depth articles.