|Dr. Dakuku Peterside, DG NIMASA
Safety Agency (NIMASA), Dr. Dakuku Peterside has expressed the agency’s resolve
to safeguard the Cabotage Vessel Financing Fund (CVFF) from any abuse.
management of NIMASA would not allow the CVFF suffer the same fate as the Ship
Building and Ship Acquisition Fund (SBSAF).
take necessary precaution to ensure that all national assets under its care are
used for the benefit of all Nigerians.
the principles and letters of its enabling instruments.
core functions of promoting indigenous participation in international and coastal
shipping as well as regulating the maritime sector for Nigeria’s economic
while the SBSAF was backed by policy, the CVFF is backed by law which makes it
more difficult for the CVFF to be open to abuses.
are the Primary Lending Institutions (PLIs) contribute 50 per cent, while the
applicant makes an equity contribution of 15 per cent.
the banks makes it very difficult for this programme to be abused.
undertake the risk analysis because they are bearing 50 per cent of the risk.”
of the CVFF to qualified operators provided they meet the requirements as
stipulated in the guidelines.
Coastal and Inland Shipping Act of 2003 and provides for the disbursement of
loans to indigenous operators in the shipping industry to grow their fleet.
contracts which are deducted and warehoused in the CVFF.