Nigerian shipowners to get up to $25m each

The Federal Government will provide qualified Nigerian shipowners with up to $25 million each under the long-delayed Cabotage Vessel Financing Fund, Marine and Blue Economy Minister Adegboyega Oyetola announced on Monday — more than 20 years after the fund was established.

According to The Punch,Oyetola, in a post on his X handle, said disbursement would soon commence, with the initiative expected to create more than 30,000 direct and indirect jobs while helping indigenous operators compete against foreign companies currently dominating coastal and offshore contracts.

“With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators,” the minister said.