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Nigeria approves $700m maritime fund disbursement
President Bola Tinubu has authorized the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF), aimed at boosting Nigeria’s indigenous maritime capacity. Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 Primary Lending Institutions to accelerate the loan processing to end over two decades of administrative delays.
NIMASA has received 92 funding applications, with 20 already submitted to lending institutions. Currently, only one application has been reviewed and forwarded for final approval. The fund, established under the 2003 Cabotage Act, provides low-interest, long-term financing for vessel acquisition, allowing Nigerian shipowners to compete for coastal shipping contracts and reduce reliance on foreign vessels.
Under the financing structure, eligible fully Nigerian-owned operators can apply for up to $25 million. Shipowners contribute 15 percent of project costs as equity, NIMASA provides 50 percent, and lending institutions finance the remaining 35 percent. The initiative is projected to create more than 30,000 direct and indirect jobs in sectors such as marine engineering and maritime logistics.
Entities
Adegboyega Oyetola · Bola Tinubu · Cabotage Vessel Financing Fund · Nigeria · Nigeria Maritime Administration and Safety Agency
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The initiative is projected to generate over 30,000 direct and indirect jobs in the maritime sector. www.worldstagenews.com · dmarketforces.com
- [● 3 SOURCES] President Bola Tinubu has authorized the disbursement of the Cabotage Vessel Financing Fund (CVFF). www.worldstagenews.com · dmarketforces.com · businessday.ng
- [○ 1 SOURCE] The Cabotage Vessel Financing Fund (CVFF) totals $700 million. businessday.ng
- [○ 1 SOURCE] Eligible fully Nigerian-owned operators can apply for up to $25 million in financing. businessday.ng
- [● 3 SOURCES] Minister Adegboyega Oyetola directed NIMASA and 12 Primary Lending Institutions to accelerate the fund disbursement process. www.worldstagenews.com · dmarketforces.com · businessday.ng
- [● 3 SOURCES] Of the applications, 20 have been submitted to Primary Lending Institutions, with one reviewed and forwarded for final approval. www.worldstagenews.com · dmarketforces.com · businessday.ng
- [● 3 SOURCES] NIMASA has received 92 funding applications for the CVFF. www.worldstagenews.com · dmarketforces.com · businessday.ng
- [● 2 SOURCES] The number of Primary Lending Institutions involved in the fund was increased from five to 12. www.worldstagenews.com · dmarketforces.com
- [● 2 SOURCES] The initiative is projected to generate more than 30,000 direct and indirect jobs. www.worldstagenews.com · dmarketforces.com
- [● 3 SOURCES] President Bola Tinubu authorized the disbursement of the Cabotage Vessel Financing Fund (CVFF). www.worldstagenews.com · dmarketforces.com · businessday.ng
- [● 3 SOURCES] NIMASA has received 92 funding applications under the CVFF. www.worldstagenews.com · dmarketforces.com · businessday.ng
- [● 3 SOURCES] 20 applications have been submitted to the Primary Lending Institutions. www.worldstagenews.com · dmarketforces.com · businessday.ng