The Federal Government has initiated the disbursement of the Cabotage Vessel Financing Fund (CVFF), providing Nigerian shipping companies with access to loans of up to $25 million each.
This move aims to enhance the capacity of local maritime operators by enabling them to acquire vessels that meet international safety and performance standards.
The CVFF, established under the Cabotage Act of 2003, had experienced delays in implementation for over two decades. The recent directive to commence disbursement marks a significant step toward revitalizing the Nigerian maritime sector.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a Marine Notice inviting qualified shipping firms to apply for the loans. Disbursements will be managed by approved Primary Lending Institutions (PLIs) at competitive interest rates.
This initiative is part of the government’s broader strategy to strengthen the marine and blue economy, reduce reliance on foreign vessels, and promote indigenous participation in maritime trade.
By facilitating access to substantial funding, the program is expected to boost the competitiveness of Nigerian shipping companies and contribute to the overall growth of the nation’s maritime industry.
