How to apply as NIMASA set to disbursing $360m CVFF fund

• The Nigerian Maritime Administration and Safety Agency (NIMASA) has appointed 12 banks arsenic Primary Lending Institutions (PLIs) of $360 cardinal CVFF Fund.
• The funds volition beryllium offered arsenic single-digit loans to applicants for the Cabotage Vessel Financing Fund, with repayment required wrong 8 years
• NIMASA has acceptable up a dedicated Cabotage Unit to assistance applicants and volition motorboat an online portal to facilitate the disbursement process, aiming to enactment Nigeria's maritime future

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced the assignment of 12 banks arsenic Primary Lending Institutions (PLIs) for the disbursement of the implicit $360 cardinal Cabotage Vessel Financing Fund (CVFF).

The CVFF money volition beryllium disbursed to an applicant wrong 91 days. Photo Credit: Contributor
Source: Getty Images

Daily Trust reports that the bureau had, successful 2023, appointed 5 banks arsenic PLIs for the disbursement of the much-awaited CVFF fund.

The 12 approved banks are Fidelity Bank, Stanbic IBTC, United Bank for Africa (UBA), Zenith Bank, Lotus Bank, Union Bank, First Bank, Jaiz Bank, SunTrust Bank, and Globus Bank.

Two years ago, the national authorities appointed Union Bank, Zenith Bank, Polaris Bank, United Bank for Africa, and Jaiz Bank to service arsenic PLIs for the disbursement of the funds.

The PLIs person been directed to connection single-digit loans to applicants, which indispensable beryllium afloat repaid wrong 8 years, starting from the day of disbursement.

The money volition beryllium disbursed to an applicant wrong 91 days, aft which applicant indispensable person fulfilled each indispensable criteria required for approval.

Speaking astatine a stakeholders’ forum connected the operationalisation of the CVFF, held successful Lagos connected Monday, the Director-General of NIMASA, Dr Dayo Mobereola, disclosed that the bureau has established a dedicated Cabotage Unit astatine its office to assistance applicants with utile information.

Mobereola explained that the agency, successful a propulsion to guarantee creaseless disbursement, has besides acceptable and developed wide eligibility criteria and volition beryllium partnering with 12 Primary Lending Institutions to facilitate entree to the fund.

Application portal to beryllium unveiled

According to him, an online portal volition beryllium unveiled for the disbursement process.

“I impulse each prospective applicants to travel the established procedures done our spouse fiscal institutions.“The CVFF is not a assistance programme but a strategical concern successful Nigeria’s maritime future. It is simply a loan with a single-digit involvement rate. We volition show money utilisation to guarantee that it achieves the intended objectives.“The operationalisation of the CVFF represents not conscionable the extremity of a agelong hold but the opening of a caller epoch for Nigerian shipping,” helium stated.

The NIMASA boss, portion tracing the CVFF journey, stated that it was established nether the Coastal and Inland Shipping Act of 2003 to supply fiscal enactment to indigenous vessel owners for vas acquisition and capableness development.

FG launches caller backing for originative minds

Legit.ng reported that the national authorities has launched the Creative Economy Development Fund (CEDF), an inaugural to enactment creatives, entrepreneurs, and taste organisations successful Nigeria.

The Ministry of Arts, Culture, Tourism, and Creative Economy announced the strategy successful a connection connected Sunday, according to NAN.

According to the ministry, the money is intended to standard projects with coagulated fiscal records and well-defined plans for growth. It besides noted that the archetypal circular of applications, which began connected April 28, 2025, and is scheduled to extremity connected May 30, targets established companies that necessitate much than $100,000.

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Source: Legit.ng