Nigeria's Minister of Marine and Blue Economy, Adegboyega Oyetola has recently revealed that the Federal Government of Nigeria plans to provide qualified Nigerian shipowners with up to $25 million each under the recently unlocked Cabotage Vessel Financing Fund (CVFF).
This comes 20 years after the fund was originally established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to help indigenous companies purchase vessels and build domestic capacity.
The fund, which has been delayed for two decades, is designed to resolve one of the most critical challenges facing the country's maritime sector which is insufficient long-term financing for local operators.
Nigeria plans to disburse the massive ship financing fund
According to the minister's statement, qualified applicants will be able to access the money at very low interest rates, enabling them to expand their businesses.
