The Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged the Nigerian Maritime Administration and Safety Agency (NIMASA) to collaborate closely with the 12 approved Primary Lending Institutions (PLIs) to accelerate the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerian shipowners. This move aims to end over two decades of delays in disbursing the fund and to foster growth, investment, and job creation in the maritime sector. Oyetola noted that significant progress has been made in processing applications, with NIMASA having received 92 funding applications, of which 20 have been submitted to PLIs and one has been reviewed and forwarded for approval.
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