NIMASA Secures Approval For Disbursement of Cabotage Vessel Financing Fund


Sandra Ukele

The Nigeria Maritime Administration and Safety Agency (NIMASA) has announced it has secured the approval of the federal government to disburse the  Cabotage Vessel Financing Fund (CVFF).

The Agency made this known in a virtual meeting held with Shipowners Association of Nigeria (SOAN) at it’s headquarters in Lagos.

The Maritime regulator affirmed only the fine details of the scheme were being considered before commencement of pay-out.

The Director-General of NIMASA Dr. Jamoh Bashir who headed the webinar described shippers as “the beacon and hub of any developing economy,” 

He stated:

“The journey to success for the current management of NIMASA depends on the shipowners.

“We shall continue to pursue our functions of promoting and regulating shipping in collaboration with shipowners and all relevant stakeholders,” he iterated.

Responding to the shipowners’ concerns about the CVFF, Jamoh stated that the Minister of Transportation, Rt. Hon. Chibuike Amaechi, had approved the disbursement of the fund, meant to assist operators in the acquisition of maritime assets. In his words:

“Only the details are being discussed with a view to avoiding former mistakes and ensuring effective and efficient utilisation of the fund,” the Director-General declared.

The NIMASA helmsperson added, “We have also submitted proposals to the Minister to seek fiscal and monetary incentives for our shipowners.”


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