$360m CVFF: NIMASA to hold forum for maritime stakeholders

The Nigerian Maritime Administration and Safety Agency (NIMASA) is preparing to host a forum aimed at guiding maritime stakeholders on how to access the $360 million Cabotage Vessels Financing Fund (CVFF), ahead of its planned disbursement by August 2025.

The event, set for May 12, 2025, at Eko Hotel & Suites, Victoria Island, Lagos, will offer crucial information to shipowners, marine engineers, captains, master mariners, and other professionals in the maritime industry. Registration for the forum will close on May 8, 2025.

NIMASA’s Director-General, Dr. Dayo Mobereola, confirmed the agency’s commitment to releasing the CVFF within the next four months.

He reassured indigenous shipowners that they would benefit from a single-digit interest rate on the funding, which will be facilitated through 12 Primary Lending Institutions (PLIs).

These banks will conduct risk assessments to evaluate applicants’ ability to repay, with the fund split between NIMASA (50 per cent) and the banks (35 per cent).

The CVFF is designed to function as a revolving fund, ensuring long-term, sustainable support for the maritime sector.