Zenith, UBA, Union, 9 Other Banks Appointed to Distribute $360m CVFF Fund

• The Nigerian Maritime Administration and Safety Agency (NIMASA) has appointed 12 banks as Primary Lending Institutions (PLIs) of $360 million CVFF Fund.
• The funds will be offered as single-digit loans to applicants for the Cabotage Vessel Financing Fund, with repayment required within eight years
• NIMASA has set up a dedicated Cabotage Unit to assist applicants and will launch an online portal to facilitate the disbursement process, aiming to support Nigeria's maritime future

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

The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced the appointment of 12 banks as Primary Lending Institutions (PLIs) for the disbursement of the over $360 million Cabotage Vessel Financing Fund (CVFF).

Daily Trust reports that the agency had, in 2023, appointed five banks as 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 federal government appointed Union Bank, Zenith Bank, Polaris Bank, United Bank for Africa, and Jaiz Bank to serve as PLIs for the disbursement of the funds.

The PLIs have been directed to offer single-digit loans to applicants, which must be fully repaid within eight years, starting from the date of disbursement.

The fund will be disbursed to an applicant within 91 days, after which applicant must have fulfilled all necessary criteria required for approval.

Speaking at a stakeholders’ forum on the operationalisation of the CVFF, held in Lagos on Monday, the Director-General of NIMASA, Dr Dayo Mobereola, disclosed that the agency has established a dedicated Cabotage Unit at its headquarters to help applicants with useful information.

Mobereola explained that the agency, in a push to ensure smooth disbursement, has also set and developed clear eligibility criteria and will be partnering with 12 Primary Lending Institutions to facilitate access to the fund.

Application portal to be unveiled

According to him, an online portal will be unveiled for the disbursement process.

“I urge all prospective applicants to follow the established procedures through our partner financial institutions.

“The CVFF is not a grant programme but a strategic investment in Nigeria’s maritime future. It is a loan with a single-digit interest rate. We will monitor fund utilisation to ensure that it achieves the intended objectives.

“The operationalisation of the CVFF represents not just the end of a long wait but the beginning of a new era for Nigerian shipping,” he stated.

The NIMASA boss, while tracing the CVFF journey, stated that it was established under the Coastal and Inland Shipping Act of 2003 to provide financial support to indigenous ship owners for vessel acquisition and capacity development.

FG launches new funding for creative minds

Legit.ng reported that the federal government has launched the Creative Economy Development Fund (CEDF), an initiative to support creatives, entrepreneurs, and cultural organisations in Nigeria.

The Ministry of Arts, Culture, Tourism, and Creative Economy announced the scheme in a statement on Sunday, according to NAN.

According to the ministry, the fund is intended to scale projects with solid financial records and well-defined plans for growth. It also noted that the first round of applications, which began on April 28, 2025, and is scheduled to end on May 30, targets established companies that require more than $100,000.

Source: Legit.ng