FG to disburse up to $25m each to qualified shipowners

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has disclosed that the Federal Government will provide qualified Nigerian shipowners with up to $25 million each under the Cabotage Vessel Financing Fund (CVFF), more than 20 years after the fund was established.

According to a Punch report, Oyetola said NIMASA has received 92 applications, with 20 forwarded to the 12 approved Primary Lending Institutions and one so far reviewed for approval. He said the fund, aimed at helping shipowners acquire vessels and compete for coastal contracts currently dominated by foreign operators, could create over 30,000 direct and indirect jobs.

The minister added that 7,059 Nigerian seafarers have been placed onboard vessels for sea-time experience under related training programmes.