FG to give Nigerian shipowners $25m each under new shipping fund
The Federal Government will provide Nigerian shipowners with up to $25m each from the Cabotage Vessel Financing Fund, strengthening indigenous shipping. Read More: https://punchng.com/fg-to-give-nigerian-shipowners-25m-each-under-new-shipping-fund/
The Federal Government has announced plans to provide up to $25 million each to qualified Nigerian shipowners under the new Cabotage Vessel Financing Fund (CVFF). This initiative, revealed by the Minister of Marine and Blue Economy, Adegboyega Oyetola, aims to strengthen indigenous shipping and create thousands of jobs. Oyetola stated that the government has moved to unlock the fund after more than 20 years of its establishment.
He emphasized that access to financing has been a significant barrier for Nigerian-owned shipping companies. Under the CVFF, successful applicants can acquire vessels at low-interest rates, enabling them to expand their fleets and compete for coastal and offshore contracts currently dominated by foreign operators. The minister directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to expedite the disbursement of the fund to qualified applicants, which received 92 applications, with 20 forwarded to Primary Lending Institutions and one reviewed.
The initiative is part of the Tinubu Administration's commitment to unlocking Nigeria's Blue Economy and strengthening indigenous capacity in the maritime sector.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
