President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund (CVFF), Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has said.
Oyetola, in a statement issued on Sunday by his Special Adviser, Dr Bolaji Akinola, directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 Primary Lending Institutions (PLIs) to fast-track the process.
He said the move would end more than 20 years of delays in accessing the fund and unlock investment, growth and job opportunities in Nigeria’s maritime sector.
According to him, NIMASA has received 92 CVFF applications, with 20 submitted to the PLIs and one reviewed and forwarded for final approval.
Oyetola said the fund would provide low-interest, long-term financing for vessel acquisition, strengthen indigenous participation in coastal and offshore shipping and reduce dependence on foreign vessels.
He said the initiative could generate more than 30,000 direct and indirect jobs in shipyards, marine engineering firms and maritime logistics companies.
The minister also said 7,059 Nigerian seafarers had been placed onboard vessels to acquire required sea-time experience, while 135 cadets completed the Nigerian Seafarers Development Programme and obtained Certificates of Competency.
“Under the Nigerian Seafarers Development Programme, 135 cadets successfully completed the programme and obtained Certificates of Competency,” he said.
