• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, June 3, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

$700m Cabotage Fund To Be Disbursed At Single Digit Interest Rate – NIMASA

by Yusuf Babalola
3 weeks ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Maritime Administration and Safety Agency (NIMASA) on Monday, said that the Cabotage Vessels Financing Fund (CVFF), would be disbursed to indigenous Shipowners at single-digit interest rate.

Advertisement

This was disclosed by the director general of NIMASA, Dr Dayo Mobereola, at a one day stakeholders’ forum on the operationalisation of CVFF, held in Lagos, on Monday.

According to Mobereola, the CVFF is not a grant, but a strategic investment in Nigeria’s maritime future, thereby urging all prospective applicants to follow the established procedures through partner financial institutions.

“The primary objective of bringing you together today is to formally announce and discuss the imminent disbursement of the CVFF, and to demonstrate the established clear frameworks for transparent, efficient, and impactful fund utilisation that will empower indigenous shipowners.

“I urge all prospective applicants to follow the established procedures through our partner financial institutions. The CVFF is not a grant program but a strategic investment in Nigeria’s maritime future. It is a loan with single digit interest. We will monitor fund utilisation to ensure they achieve the intended objectives.”

RELATED

Adedeji Assumes Office, Promises 18% Tax-to-GDP Ratio

FIRS Entering New Era Of Excellence, Trust — Adedeji 

40 minutes ago
CBN Grants RoutePay Licence To Provide Digital Payment Solutions

1,500 Bureau De Change To Shut Down As Recapitalisation Deadline Elapses

2 hours ago

The NIMASA boss further stated that the agency has secured necessary approval that would facilitate the disbursement of the fund to successful beneficiaries.

He also stated apart from boosting local content in the maritime sector, the CVFF disbursement would also create employment opportunities for Nigerian seafarers.

“The CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide financial support to indigenous shipowners for vessel acquisition and capacity development. Despite nearly two decades of regulatory challenges and bad experience of the past, I am delighted to announce that under President Bola Tinubu’s leadership and with the support of the minister of Marine and Blue Economy, Gboyega Oyetola, we have secured the necessary approvals for disbursement.”

“This disbursement will be transformative for our industry as it stands to empower indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers and strengthen ancillary maritime services.”

Speaking earlier, the executive director, Maritime Labour and Cabotage Services, Jubril Abba, said the disbursement of CVFF underscores the agency’s commitment to empowering local shipowners and operators.

He also disclosed that the disbursement would reduce the nation’s reliance on foreign vessels by providing accessible financing options.

“The CVFF is designed to benefit indigenous ownership of marine assets that would be deployed to boost activities within the Nigerian Cabotage space. It is with a deep sense of appreciation that we recognise the presence of shipping companies and Shipowners who have taken time out of their tight schedules to honour our invitation to this engagement session. Your presence here, we are certain, would add excellent value to the insightful discussions.

“This also underscores NIMASA’s unwavering commitment to empowering local shipowners and operators, stimulating domestic maritime commerce, and reducing our reliance on foreign vessels by providing accessible financing options.”

“The potential of the nation’s Marine and Blue economy when harnessed, would be a significant contributor to the nation’s GDP and catalyse activities in other sectors that would lead to rapid economic growth and development, in line with the renewed Hope Agenda of this Administration.”

Abba, however, called on stakeholders to rally round in achieving a shared vision for a vibrant and self-reliant maritime sector.

“The clarion call is for collaborative partnerships to ensure the success of this journey to harness the full potential of our domestic shipping and ensure the sustainable growth of the maritime industry.

“As I close my remarks, we call on all stakeholders to rally round NIMASA as we pledge our renewed dedication, innovation, and partnership in achieving a shared vision for a vibrant and self-reliant maritime sector.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

Breaking NEWS: Nigerians can now earn in US Dollars, acquire ultra premium domains for low and sell for super profit. Our client acquired a domain for $3715 and got it sold for $42,000. Click here to see how you too can profit from the business.


Tags: blue economyNigerian Maritime Administration and Safety Agency (NIMASA)
SendShareTweetShare
Previous Post

Equities Market Opens Week Low By N296bn Loss On Weak Activates

Next Post

Group Celebrates Women For Leadership, Impact

Yusuf Babalola

Yusuf Babalola

You May Like

Adedeji Assumes Office, Promises 18% Tax-to-GDP Ratio
Business

FIRS Entering New Era Of Excellence, Trust — Adedeji 

2025/06/03
CBN Grants RoutePay Licence To Provide Digital Payment Solutions
Business

1,500 Bureau De Change To Shut Down As Recapitalisation Deadline Elapses

2025/06/03
Key Infractions In NCDMB Governing Council Inauguration Exposed
Business

NCDMB Executive Secretary Appointed To APPO Board

2025/06/03
‘Involve Facility Managers In Design, Construction Phases’
Business

‘Involve Facility Managers In Design, Construction Phases’

2025/06/03
Sandtex Paints Strengthens Northern Nigeria Market Presence
Business

Sandtex Paints Strengthens Northern Nigeria Market Presence

2025/06/03
Solid Minerals Regulatory Policy Has Potential Economic Benefits – LCCI
Business

LCCI Advocates Policy Coherence, Institutional Reforms

2025/06/03
Leadership Conference advertisement

LATEST

Gov Lawal Approves Sallah Bonus For Zamfara Workers, Pensioners 

JUSUN Strike Stalls Natasha’s Alleged Defamation Trial

Taraba APC Orders Removal Of Gov Kefas’ Appointees From Party Register

Tinubu’s Reforms Caused Growth In Nigeria – APC Chieftain

8-yr-old Girl Escapes From Kidnappers In Akwa Ibom

FIRS Entering New Era Of Excellence, Trust — Adedeji 

Niger North Senator Donates ₦50m To Support Mokwa Flood Victims

‘King Of The Hill’ Actor Jonathan Joss Shot Dead By Neighbour

1,500 Bureau De Change To Shut Down As Recapitalisation Deadline Elapses

Kano’s Athletes: Gombe Calls For Suspension Of AFN Elections

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.