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NIMASA: Maritime operators to get $700m funding for vessel acquisition | TheCable

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The Nigerian Maritime Administration and Safety Agency (NIMASA) says operators in the maritime sector will get about $700 million to purchase ships.

Bashir Jamoh, director-general of NIMASA, disclosed this when he spoke at the maiden annual lecture of the Institute of Maritime Studies, University of Lagos, held on Tuesday.

support indigenous ship acquisition capacity, and to provide financial assistance to domestic coastal shipping operators.“On the issue of increasing jobs, we are about to commence the disbursement of the cabotage vessel financing fund. The total exposure of the CVFF is within the region of $350 million and this amount is 50 percent of NIMASA control,” he said.

“If we have $350 million as 50 percent contribution to NIMASA, then we are accepting another $350 million from the primary lending institutions and that means $700 million.”“With $700 million, we are set to give a maximum of $25 million each to shipowners to purchase ships which will directly or indirectly provide jobs.

 

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