After 20 years, FG moves to unlock CVFF for shipowners

After more than two decades of delays, the Federal Government of Nigeria has begun to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners. Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to expedite the processing of applications. Twenty out of 92 applications received have already been forwarded to approved lenders, and the government expects increased access to the fund to generate over 30,000 direct and indirect jobs in the maritime sector.