Shipowners start the application process for the $700 million vessel fund.

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It was announced on Monday by the Nigerian Indigenous Shipowners Association of Nigeria that applications for the $700 million Cabotage Vessels Financing Fund had begun.

Dr. Edward Sowho, the chairman of the advisory committee for NISA on CVFF, said the association’s members had begun negotiating the best rates with the five main lending institutions.

He claims that the fund’s payout has not yet begun. Recall that the House ordered NIMASA to halt its plan to distribute the monies last month. He emphasized that the fund would shortly be disbursed and stressed that before it would, a minister needed be in office.

Because NISA operates a shipping line, we are applying as a group,  individual members can also apply. According to him, the maximum amount an applicant can get is $25m per shipping line.”You can ask for less than that if your application is considered worthy.”


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