The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to commence the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) by August 2025.
This marks a major milestone for indigenous shipowners who have awaited access to the fund for over two decades.
NIMASA’s Director General, Dr Dayo Mobereola, made the announcement on Wednesday in Abuja during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration, according to the News Agency of Nigeria (NAN).