The Federal Government has directed the Nigeria Maritime Administration and Safety Agency (NIMASA) and 12 primary lending institutions (PLIs) to fast-track the disbursement of the Cabotage Vessel Financing Fund (CVFF).

The directive is aimed at accelerating access to financing for indigenous shipowners and strengthening Nigeria’s maritime industry.

The CVFF was established in 2003 under Section 42 of the Coastal and Inland Shipping (Cabotage) Act to provide financial support for the acquisition, construction and development of vessels by eligible Nigerian operators.

The government urged NIMASA and the participating lenders to expedite the process and ensure that qualified beneficiaries have timely access to the fund.