$360m Cabotage Fund Disbursement: NIMASA Holds Forum For Local Shipowners, Others

Ahead of the disbursement of the Cabotage Vessels Financing Fund (CVFF) by August 2025, the Nigerian Maritime Administration and Safety Agency (NIMASA) invites maritime stakeholders to a forum on how to access the $360 million intervention fund.

The expected stakeholders are Shipowners, Lawyers, Marine engineers, Captains, and Master Mariners, among others.

In a Public Notice titled, ‘CVFF Stakeholders Forum,’ signed by the NIMASA management, the agency said the forum would be held at the Eko Hotel and Suite, Victoria Island Lagos, on Monday, 12th May 2025.

The notice, however, urged participants to register to attend the meeting, saying registration to attend the event will end on Tuesday,  8th May 2025.

The Public Notice read, “The Management of NIMASA hereby invites members of the public to a 1 Day Stakeholders forum on the operationalization of CVFF.

“The forum is to ensure stakeholders are properly guided on how to access the fund.

LEADERSHIP reports that the director general of NIMASA, Dr. Dayo Mobereola had disclosed that the agency would disburse CVFF within the next four months.

The NIMASA boss stated that efforts are underway to ensure that Indigenous Shipowners access the fund, saying the agency would insist on a single-digit interest rate for shipowners who are getting the facility.

Dr Mobereola further revealed that the Primary Lending Institutions (PLIs) have been increased to 12 banks.

“What we have done is to streamline the guidelines according to what has been approved by the Minister of Marine and Blue Economy to ensure that it takes nothing less than three to four months for Indigenous ship-owners to access the funds.

“What is most important about it is that we are also making use of the banks. So, it will not be a NIMASA project because the banks are going to carry out the initial risk assessment to be sure that whoever wants to access this fund has the financial capacity to repay.”

“The bank is going to lend 35 per cent while NIMASA is going to lend the other 50 per cent. So, that risk is being taken on by the bank to ensure that whoever is coming to us is a bona fide shipping company that can trade and who can also repay because it’s a revolving fund.

“The strength that we do not have, we have handed it over to the banks to help us to manage that side of it. Once we start it, before the end of this year, by God’s grace, it will be revolving and it will be just continuous over the years.”